Sydney, Australia-based developer of AI robotics and navigation technology solutions, Advanced Navigation, raised USD 68 million in recent funding. The company announced the fundraise on November 16, 2022. KKR led the financing for the firm. Meanwhile, new investors, AI Capital, joined in the funding. Besides existing investors Main Sequence, the Hon. Malcolm Turnbull AC, In-Q-Tel, and Our Innovation Fund participated in the Series B round.
So far, the company’s total funding amounts to more than USD 85 million. As a part of the deal, Louis Casey and Vance Serchuk, Executive Director of the KKR Global Institute, will join Advanced Navigation’s board of directors. Moreover, General David Petraeus, Partner, KKR and Chairman of the KKR Global Institute, intends to chair a new advisory committee. The committee seeks to support the Company’s global expansion efforts.
Purpose of financing for Advanced Navigation
With the latest financing, the company intends to fuel R&D programs focused on robotic, navigation, photonics, and quantum sensing solutions. Advanced Navigation further seeks to enhance its global sales and marketing capabilities to reach new customers.
It also has plans to assess inorganic growth opportunities to incorporate new technologies and products into its suite, which complement its existing products and areas of expertise.
What the co-founder has to say
Xavier Orr, CEO and Co-Founder of Advanced Navigation, said, “We look forward to this next phase of growth as we continue to be a driving force in the autonomy revolution. 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, and partners, and in collaboration with global research institutes, we will work to build a more resilient, secure and sustainable future.”
What the investors have to add
Mukul Chawla, Partner and Head of Growth Equity, Asia Pacific for KKR, said, “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. As demand for autonomous technology continues to grow, we are excited to collaborate with Xavier, Chris and the Advanced Navigation team. We see a 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. Moreover, it is an important market for KKR overall and for our growth equity franchise and its dedicated team based in Sydney.”
In addition, Louis Casey, KKR’s growth technology lead in Australia, New Zealand, and Southeast Asia, said, “Advances in autonomous navigation technology that leverages AI to reduce sensor cost while improving performance can rapidly increase enterprise and consumer applications globally. We are very pleased to work alongside the Advanced Navigation team to support the Company’s growth.”
Besides, General Petraeus said, “I look forward to chairing Advanced Navigation’s International Advisory Board. We seek to help introduce the Company’s critical technology to new markets and opportunities, including in the aerospace, defence, and security sectors.”
About the company
Xavier Orr and Chris Shaw launched the company in 2012. Advanced Navigation provides robotic and navigation solutions. It aims to optimize performance and efficiency by leveraging AI neural networks and deep learning algorithms. Giants such as Airbus, Boeing, Google, Apple, and General Motors use the company’s platform.
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