Advanced Navigation raises $108 million Series B led by KKR

Advanced Navigation, a Sydney-based company that uses artificial intelligence to create smaller and more effective robotics and navigation solutions, has announced a $US 68 million ($108 million) Series B round.

In an announcement on Thursday, the company said it had signed definitive agreements under which investment firm KKR would lead the round, which includes return investors such as Main Sequence, former prime minister Malcolm Turnbull, and In-Q-Tel. 

The additional funding would be used to accelerate R&D programs focussed on “transformative robotic, navigation, photonic, and quantum sensing solutions,” as well as increase global sales and marketing, with the company to also “assess inorganic growth opportunities to incorporate new technologies and products”.

“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,” said Xavier Orr, co-founder and CEO of Advanced Navigation.

“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.”

The round brings the total raised by Advanced Navigation — which counts Airbus, Boeing, Google, Apple, and General Motors among its clients — to $134 million, and follows a $20 million Series A announced in November 2019.

Advanced Navigation was founded in 2012 by engineers Orr and Chris Shaw (pictured) and has developed two key pieces of technology used in its products: a light detection altimetry and velocimetry (LiDAV) system and an inertial navigation system.

Last month it released a new fibre-optic gyroscope (FOG) inertial navigation system, named the Boreas D70  offering “a new performance grade with superior accuracy, exceptional stability and reliability” and being “well suited to surveying, mapping, and navigation across subsea, marine, land and air applications.”

Among its goals, Advanced Navigation aims to be “the first Australian company to reach the Moon in 2024.”

Picture: supplied

Further reading

ADVANCED NAVIGATION RAISES $20 MILLION FOR EXPANSION

ADVANCED NAVIGATION AIMS TO BE FIRST AUSTRALIAN TO THE MOON