Jerry Petersen
Autonomous surface vessel manufacturer Saronic has concluded a Series B funding round during which it raised $175 million, bringing the company’s total valuation to $1 billion.
Saronic said Friday it will use the fresh funds to expand its domestic capabilities to perform research and development work on various autonomous technologies as well as to increase its production capacity for ASVs.
The company also said it will the fresh funds to expand into key international markets.
The funding round was led by Andreessen Horowitz, also known as a16z. Regarding the investment, a16z general partner Katherine Boyle said, “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.”
For his part, Saronic CEO Dino Mavrookas said, “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.”
