Autonomous vessel startup Saronic Technologies has raised $1.75 billion in the latest funding round to accelerate the growth of its shipbuilding enterprise, the company said in a statement.
The Pentagon has a voracious need for autonomous vessels, both surface and underwater, as traditional shipbuilders face delays, cost increases, and a shortage of skilled workers. The operations in Iran—with mines being laid in the Strait of Hormuz—already show that cheap, dispensable, and autonomous vessels will be critical to military operations.
The Series D funding round was led by Kleiner Perkins and increases the company’s valuation to $9.25 billion. Other new investors ...