Parry Labs captures $80M in its first investment round
Gettyimages.com/Yuichiro Chino
By
Ross Wilkers
Parry Labs started in 2016 and now has added backing to ramp up its technology investments, both in software and small-form hardware.
Parry Labs, a defense technology integrator that touts an open architecture approach, has completed its first institutional investment round with $80 million in capital fetched.
The round was led by Capitol Meridian Partners, the investment firm run by Carlyle Group alums Adam Palmer and Brooke Coburn. Other participants included True Ventures, 3Wire Partners and Teamworthy Ventures.
Alexandria, Virginia-headquartered Parry Labs said Wednesday it will use the capital to accelerate investments in its core technologies that cover areas such as command-and-control, interoperability and artificial intelligence.
Parry Labs was founded in 2016 by its chief executive John Parks and Robert Miller, who remains a board of directors member, to combine open software architecture and small-form hardware into a digital framework for military operators.
The company calls its open architecture software stack Stratia and designed that offering to act as the digital backbone of edge compute offerings.
CMP's other major government technology and services investments include Clarity and LMI.
True Ventures is a Silicon Valley-headquartered venture capital firm that invests in early-stage technology startups and manages approximately $3.8 billion in assets.
3Wire Partners is a government market-focused investment and merchant bank led by Anita Antenucci, while Teamworthy Ventures focuses on software and software-enabled services companies.