DroneShield receives backing from US tech firm Epirus

DroneShield's DroneSentry-X vehicle. Image credit: DroneShield

ASX-listed tech provider DroneShield has received a $3.7 million investment from Epirus through a placement of 18,500,000 fully paid ordinary shares in DroneShield. 

The placement was paid at $0.20 per share, resulting in Epirus acquiring an approximate 4.2 per cent shareholding interest in DroneShield. 

In an announcement, DroneShield said it will use the investment as general working capital, scale up ready inventory and long lead items, and rapidly fulfil anticipated orders. 

The company is also planning to continue the expansion of its engineering and operations in order to support current momentum. 

“We welcome Epirus to our investor register. There are significant complementary areas between our companies, including combining DroneShield’s drone detection and soft defeat systems, with Epirus’ hard defeat solutions,” said Oleg Vornik, CEO of DroneShield

Epirus is a US-based technology company developing software-defined directed energy systems, which are designed to allow unprecedented counter-electronics effects and power management solutions to optimise power efficiency in defence and commercial applications. 

“We are excited to undertake this investment, as we have been watching the rise of militarized drone usage in battlefield for some time. Strengthening our partner ecosystem accelerates opportunities to field innovative solutions to areas with the most pressing needs,” said Ken Bedingfield, chief financial officer for Epirus.