Funding will accelerate Saronic's growth and further scale
production of its autonomous surface vessels for the U.S. Navy and
its allies
AUSTIN, Texas, July 19, 2024 /PRNewswire/ -- Saronic, a defense
technology leader that designs and manufactures autonomous surface
vessels (ASVs), today announced a $175
million Series B raise placing the company's valuation at
$1 billion. The funding round was led
by Andreessen Horowitz (a16z), with participation from both new and
existing investors, including 8VC, Caffeinated Capital,
Elad Gil, and NightDragon, among
others.
Saronic is redefining maritime superiority for the U.S. Navy and
its allies by delivering the most effective and advanced ASVs at
the speed and scale needed to meet the rapidly growing needs of the
Joint Force. Saronic's ASVs are designed to serve as a force
multiplier for the existing Fleet, working alongside manned systems
to allow naval forces to go farther and do more with less risk to
life and mission.
"We are creating an entirely new capability for the maritime
domain, one that delivers naval power without the costs and delays
of a shipyard," said Saronic CEO Dino
Mavrookas. "As the future of naval warfare will rely on
manned and unmanned teaming, we must build solutions that easily
integrate into the existing fleet and can be produced at scale to
meet any emerging threat. We are grateful to our investment
partners who believe so strongly in Saronic's ability to meet that
need."
Saronic's investor group is composed of firms committed to
ensuring that the U.S. military maintains its decisive advantage in
the face of an increasingly complex and competitive global threat
landscape through the integration of advanced technology and
innovative capabilities that truly meet the needs of the
warfighter.
"Our nation's future depends on us continuing to build and
deploy the best, most innovative technology" said Katherine Boyle, General Partner at a16z.
"Saronic is developing the solutions we need to protect the
warfighter and stay ahead of our adversaries, and we are proud to
support their continued growth."
This new investment will accelerate Saronic's growth both
domestically and internationally. At home, it will allow further
expansion of Saronic's in-house manufacturing capabilities and
enable increased production of all its ASV models. Additionally, it
will advance the research and development of new autonomous
capabilities for naval and maritime forces, including increased
technology and payload integration with government and commercial
partners. Internationally, this investment will support Saronic's
expansion to more fully serve U.S. allies and partners in key
markets.
"To deter China and other
adversaries, the United States and
our allies must bring intelligent, autonomous new capabilities to
naval warfare," said Alex Moore,
Partner at 8VC. "Saronic delivers these capabilities on a relevant
scale and timeline, and has enlisted the top engineers and
operators in the industry."
Saronic's family of ASVs includes Spyglass (6'), Cutlass (14')
and Corsair, its largest model, which is currently in development
and testing. Each vessel features integrated autonomous
capabilities to meet a customer's specific requirements and can
carry diverse payloads in communication- and GPS-denied
environments. Through the vertical integration of hardware and
software as well as the use of a Modular Open Systems Architecture
(MOSA), Saronic's ASVs deliver greater interoperability at a price
point that makes them attritable. Having a cost-effective
capability that can be deployed without putting human operators in
harm's way increases the survivability of the fleet and enables
commanders to engage in situations where the risk is too high to
deploy a traditional manned system.
For more information about Saronic, please visit:
https://www.saronic.com.
Media Contact: Press@saronic.com
Photo -
https://mma.prnewswire.com/media/2464879/Saronic_Spyglass_and_Cutlass_autonomous_surface_vessels.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/saronic-raises-175-million-in-series-b-funding-valuing-company-at-1-billion-302201294.html