Growth capital will accelerate investments in defense capabilities to the tactical edge
ALEXANDRIA, Va., Aug. 28, 2024 /PRNewswire/ — Parry Labs, LLC, a defense technology company that develops next generation open architecture mission solutions, announced today the completion of an $80 million raise, the Company’s first institutional investment round. This strategic growth equity capital was led by Capitol Meridian Partners, and included participation from True Ventures, as well as 3Wire Partners and Teamworthy Ventures.
The growth capital will primarily be used to accelerate investments in the company’s core technologies and to bring new, advanced edge capabilities to the warfighter – including command and control, mission critical software, interoperability, and advanced AI computing. Parry Labs’ digital systems integration solutions improve combat readiness and defense capability – by enabling faster, more advanced, and cost-effective systems.
“The Parry team is leading the way defense customers can leverage digital engineering and open systems to provide new capabilities to the warfighter at the speed of need,” said Parry Labs Founder and CEO John Parkes. “We are excited to partner with Capitol Meridian Partners and this group of investors who have deep expertise in defense and technology, as well as proven track records of supporting high growth companies that will benefit the company in our continued growth as we lead the way in redefining the edge for combat effectiveness.”
“Parry Labs has rightly earned its reputation for innovation and quality. The company is a trusted partner to its defense customers and has quickly become a disruptive provider of next generation open mission systems, all under a forward-thinking open mission framework,” said Brooke Coburn, Founding Partner at Capitol Meridian Partners. “We are excited to partner with John and the rest of the management team as we invest in new technologies, accelerate the adoption of technology for the warfighter and drive innovation throughout the defense ecosystem. We believe our experience and founder-friendly investment approach well position Capitol Meridian Partners to support Parry Labs’ accelerating growth plans,” he added.
“Legacy and next generation defense systems need a technology partner to bring them into the era of tactical edge computing,” said True Ventures Partner Gus Coldebella. “Parry Labs’ growth to date is a testament to John’s leadership in the sector and, given our experience helping software and cloud infrastructure companies scale, we jumped at the opportunity to support Parry’s continued expansion. Parry’s solutions make defense platforms nimbler and more adaptable – and ensure the longevity and modernization of existing systems.”
Parry Labs is a digital systems integrator for modernizing legacy platforms and accelerating new platform development. The Company offers an open architecture software stack, known as Stratia, which serves as the digital backbone of its edge compute solutions, as well as electronic warfare products that enable defense customers to accelerate key national priorities.
About Parry Labs, LLC
Parry Labs redefines the edge for the modern battlespace with digital systems integration that delivers rapid capability deployment and a decisive combat advantage. The company combines open software architecture and mission-proven hardware to create a common framework that’s integrated, agile, and designed to deliver the most mission-critical technology at mission relevant speed. For more information visit Parry Labs and follow us on LinkedIn.
About Capitol Meridian Partners
Capitol Meridian Partners was formed in 2021 to invest at the nexus of government and commercial markets, targeting opportunities where the firm can invest and drive value creation through active engagement with management. The firm draws upon the deep network of industry veterans curated over 27+ years of its principals’ experience in the sector to bring thoughtful strategic resources to each investment opportunity. www.capitolmeridian.com.
About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With more than $3.8 billion under management, True provides seed and Series A financing to entrepreneurs in some of today’s fastest-growing markets. To date, True has helped more than 350 companies launch and scale their businesses, creating over 85,000 jobs worldwide. To learn more, visit www.trueventures.com.
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SOURCE Parry Labs LLC
