Superior Navigation, a developer of AI robotics and navigation know-how, has raised $108 million (US$68 million) in its Sequence B funding spherical led by international funding agency KKR.
The funding spherical contains participation from new buyers corresponding to deep studying enterprise agency AI Capital and current buyers, together with Important Sequence, former Prime Minister Malcolm Turnbull, In-Q-Tel, and Our Innovation Fund, bringing Superior Navigation’s complete quantity raised to greater than $134 million (US$85 million).
Superior Navigation says it appears to make use of the funding to speed up R&D packages centered on ‘transformative robotic, navigation, photonic, and quantum sensing options’, and improve its international gross sales and advertising capabilities to succeed in new clients. The corporate says it may also ‘assess inorganic progress alternatives to include new applied sciences and merchandise into its suite which enhance the corporate’s current merchandise and areas of experience’.
“We stay up for this subsequent part of progress as we proceed to be a driving power within the autonomy revolution,” Xavier Orr, CEO and Co-Founding father of Superior Navigation, mentioned. “KKR has vital expertise investing in rising applied sciences, we’re thrilled to have them lead our Sequence B funding spherical and work alongside our crew to advance our product and know-how innovation and improvement.
“Our applied sciences will proceed to soundly and reliably information autonomous automobiles throughout hazardous environments. Along with our engineering consultants, companions, and in collaboration with international analysis institutes, we’ll work to construct a extra resilient, safe and sustainable future.”
“Superior Navigation has established itself as a number one innovator within the robotics sector by creating differentiated AI-enabled software program with a variety of functions,” Mukul Chawla, Companion and Head of Development Fairness, Asia Pacific for KKR, mentioned. “As demand for autonomous know-how continues to develop, we’re excited to collaborate with Xavier, Chris and the Superior Navigation crew.
“We see vital alternative for the corporate to faucet into KKR’s international community, operational experience, and expertise in know-how investing to speed up the corporate’s efforts to increase globally and construct out its platform. Superior Navigation marks our first know-how progress funding in Australia, an vital marketplace for KKR total, and for our progress fairness franchise and its devoted crew primarily based in Sydney.”
KKR accomplice and international institute chair Normal David Petraeus, previously of america Military, will chair a brand new advisory committee to help Superior Navigation’s international growth efforts.
As well as, Louis Casey and Vance Serchuk, Government Director of the KKR International Institute, will be part of Superior Navigation’s board of administrators.
Superior Navigation sensor merchandise are bought into industrial and defence industries spanning sea, land, air and house functions. Their options are adopted by international primes together with Thales, BAE Methods, Raytheon, Boeing and Lockheed Martin.