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Echodyne Raises $20 Million from New and Existing Investors for Commercial Production and Market Expansion

September 11, 2019

KIRKLAND, Wash.--(BUSINESS WIRE)--Sep 11, 2019--

Echodyne, the manufacturer of innovative, high-performance radars for government and commercial markets, announced today the close of an additional $20M financing round. Existing investors participating in the round included Bill Gates, Madrona Ventures, NEA, Vulcan Capital, and Lux Capital. Joining previous investors is Vanedge Capital, whose Managing Partner Moe Kermani will be added to Echodyne’s Board of Directors. The additional capital will enable the company to meet growing demand for its EchoGuard™ 3D surveillance radar, expand its distribution channels, and continue to invest in breakthrough radar sensors for commercial drones, autonomous vehicles, and other markets.

“Adding Vanedge to our existing blue-chip investors underscores Echodyne’s opportunity for breakthrough radar products in a number of industries,” said Eben Frankenberg, CEO at Echodyne. “With our market-leading 3D radar for perimeter security and airspace management, an airborne radar for commercial UAS detect and avoid, and a game-changing radar for autonomous vehicles to be unveiled later this year, Echodyne is poised for growth and expansion in a number of markets.”

Echodyne’s patented MESA™ technology creates a platform for innovative radar products for government and commercial customers and allows the company to deliver a true electronically scanning array (ESA) radar at commercial prices. Echodyne’s radars enable a range of new applications such as affordable ground and air perimeter situational awareness for airports, borders, military bases, and critical infrastructure, and safe navigation of UAS for package delivery, long distance linear inspections, and UTM flight corridors.

“Echodyne has brought to market a suite of highly differentiated products that are proven to be game-changers in a number of large markets,” said Moe Kermani of Vanedge Capital. “The company has a rare combination of novel technology, a strong team and culture, and significant market traction across multiple industries. We are delighted to contribute to Echodyne’s growth.”

The company will be discussing perimeter security applications at the GSX commercial security in Chicago. Additional information can be found at Echodyne.com.

About Echodyne

Echodyne introduces the world’s first compact, software-defined, solid-state, true electronically scanned array (ESA) radar sensor. Ideally suited for machine perception in an autonomous age, Echodyne offers high-performance, commercially-priced radars to governments, industries, and integrators engineering solutions for border security, critical infrastructure protection, autonomous vehicles, unmanned aircraft systems, and first responders. Privately held, the company is based in Kirkland, Washington, and is backed by Bill Gates, NEA, Madrona Venture Group, Vulcan Capital, and Lux Capital among others. For more information, please visit: Echodyne.com

View source version on businesswire.com:https://www.businesswire.com/news/home/20190911005075/en/

CONTACT: Leo McCloskey

+1-425-454-3246

leo@echodyne.comMeredith Salefski

SmartMark Communications

+1-615-864-7841

meredith@smartmarkusa.com

KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS WASHINGTON

INDUSTRY KEYWORD: OTHER ENERGY ENERGY VOIP MOBILE/WIRELESS SEMICONDUCTOR OTHER DEFENSE SECURITY SATELLITE PHOTOGRAPHY NANOTECHNOLOGY AUDIO/VIDEO AIR DEFENSE TRANSPORT TELECOMMUNICATIONS SOFTWARE NETWORKS INTERNET HARDWARE ELECTRONIC DESIGN AUTOMATION DATA MANAGEMENT CONSUMER ELECTRONICS TECHNOLOGY

SOURCE: Echodyne

Copyright Business Wire 2019.

PUB: 09/11/2019 09:00 AM/DISC: 09/11/2019 09:01 AM

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