Advanced Navigation, a developer of AI robotics and navigation technology, has raised $108 million (US$68 million) in its Series B funding round led by global investment firm KKR.
The funding round includes participation from new investors such as deep learning venture firm AI Capital and existing investors, including Main Sequence, former Prime Minister Malcolm Turnbull, In-Q-Tel, and Our Innovation Fund, bringing Advanced Navigation’s total amount raised to more than $134 million (US$85 million).
Advanced Navigation says it looks to use the funding to accelerate R&D programs focused on 'transformative robotic, navigation, photonic, and quantum sensing solutions', and enhance its global sales and marketing capabilities to reach new customers. The company says it will also 'assess inorganic growth opportunities to incorporate new technologies and products into its suite which complement the company’s existing products and areas of expertise'.
“We look forward to this next phase of growth as we continue to be a driving force in the autonomy revolution," Xavier Orr, CEO and Co-Founder of Advanced Navigation, said. "KKR has significant experience investing in emerging technologies, we are thrilled to have them lead our Series B funding round and work alongside our team to advance our product and technology innovation and development.
"Our technologies will continue to safely and reliably guide autonomous vehicles across hazardous environments. Together with our engineering experts, partners, and in collaboration with global research institutes, we will work to build a more resilient, secure and sustainable future.”
“Advanced Navigation has established itself as a leading innovator in the robotics sector by developing differentiated AI-enabled software with a wide range of applications," Mukul Chawla, Partner and Head of Growth Equity, Asia Pacific for KKR, said. "As demand for autonomous technology continues to grow, we are excited to collaborate with Xavier, Chris and the Advanced Navigation team.
"We see significant opportunity for the company to tap into KKR’s global network, operational expertise, and experience in technology investing to accelerate the company’s efforts to expand globally and build out its platform. Advanced Navigation marks our first technology growth investment in Australia, an important market for KKR overall, and for our growth equity franchise and its dedicated team based in Sydney.”
KKR partner and global institute chair General David Petraeus, formerly of the United States Army, will chair a new advisory committee to support Advanced Navigation’s global expansion efforts.
In addition, Louis Casey and Vance Serchuk, Executive Director of the KKR Global Institute, will join Advanced Navigation’s board of directors.
Advanced Navigation sensor products are sold into commercial and defence industries spanning sea, land, air and space applications. Their solutions are adopted by global primes including Thales, BAE Systems, Raytheon, Boeing and Lockheed Martin.