Parry Labs, a defense tech startup, has successfully raised $80 million in its first institutional investment round, marking the latest in a series of substantial funding rounds for companies in the defense tech sector. The round was led by Capitol Meridian Partners, with contributions from True Ventures, 3Wire Partners, and Teamworthy Ventures. Based in Alexandria, Virginia, Parry Labs specializes in developing digital systems for the defense industry, including mission-critical software and advanced AI. Their software stack is designed to assist defense clients with edge computing and electronic warfare solutions. John Parkes, the founder and CEO, stated that the Parry team is at the forefront of enabling defense customers to utilize digital engineering and open systems to deliver new capabilities quickly.This funding is part of a broader trend of large investments in defense tech startups. Earlier this month, Anduril Industries made headlines by raising $1.5 billion, matching its own record for the largest defense tech funding round ever, and potentially driving total funding numbers to new highs. Additionally, McLean, Virginia-based Defcon AI, which developed an AI-powered decision-making tool for military logistics planning, recently secured a $44 million seed round led by Bessemer Venture Partners. Other companies in the sector, like defense software developer Helsing and autonomous surface vessel manufacturer Saronic, have also secured significant nine-figure investments. Venture funding for defense tech startups is on track to set new records, with $2.5 billion raised so far in 2024, nearly surpassing the $2.6 billion record set in 2022, according to Crunchbase data. Last year, defense tech startups raised a total of $2.1 billion.
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