Iris Technology gets OceanSound's backing

Iris Technology, a maker of electronics for national security space payloads, has received an investment from private equity firm OceanSound Partners to aid the company’s product testing and qualification efforts.

Iris opened for business in 1986 to design and manufacture electronics that power, condition and control sensing payloads and subsystems while in-orbit. The company’s space product portfolio includes cryocooler control electronics, focal plane interface electronics, and heater control cards that all support missile warning, missile tracking, and electro-optical and infrared surveillance missions

With this transaction announced Wednesday, Iris plans to invest in its engineering and supply chain functions with the goal of shortening lead times and supporting production ramps. Iris is a supplier to space primes and payload integrators such as BAE Systems, General Atomics, Leidos, Leonardo DRS and Northrop Grumman.

Financial terms of OceanSound’s investment in Iris were not disclosed. Ed O’Rourke, Iris’ founder and chief executive, will continue to lead the company alongside the current management team and is retaining a significant ownership interest.

Iris is maintaining its status as a merchant supplier to all space payload integrators, the company said.

“Almost every sensing payload that flies depends on electronics like ours, and those missions do not get second chances,” O’Rourke said in a release. “What makes Iris different is that our hardware has already flown, and that kind of heritage is earned in orbit rather than in a lab.”

“Iris develops critical electronics that enable satellites to perform their pivotal role as part of Golden Dome for America,” said OceanSound’s founder and CEO Joe Benavides, referencing the military’s missile defense system development effort. “Missile warning and missile tracking are the most durable priorities in national security space, and the move to proliferated low Earth orbit architectures is driving sustained demand for qualified, radiation-hardened electronics.”

Iris is looking to broaden its reach among allied customers and payload manufacturers, plus field new tactical power products for U.S. Army and joint force modernization requirements.

Gibson, Dunn & Crutcher LLP was the legal adviser to OceanSound. Kroll Securities was exclusive financial adviser to Iris, whose legal adviser on the transaction was Crowell & Moring LLP.

OceanSound’s portfolio of companies in the defense and government landscape includes Antenna Research Associates, Certerra, DMI, Imsar, Lynx and SMX.