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Robotics and AI sensor business Advanced Navigation has secured $20 million in a series A round led by Main Sequence Ventures’ CSIRO Innovation Fund, alongside US venture firms Brick & Mortar Ventures and In-Q-Tel.
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The company said that the funding will allow significant global expansion for the Australian-based business and accelerate research and development programs for transformative new robotics, navigation and sensor technologies.
Advanced Navigation builds ultra-precise, AI-based navigational technologies and robotics that are used by nine of the largest 10 defence companies, including Boeing and Airbus.
“Incumbents in the navigation technology industry are still developing equipment based on an algorithm developed in 1967 – we’re bringing an age-old industry into the 21st century,” said Xavier Orr, co-founder and co-CEO of Advanced Navigation.
“We founded Advanced Navigation out of that necessity to change an industry stuck in the past.
“What we’ve developed allows businesses to do incredible new things that weren’t previously possible, powering next-generation applications across land, sea and air.”
Advanced Navigation co-founder and co-CEO Chris Shaw said, “There are tremendous benefits for partnering with each of our investors. Main Sequence Ventures are deep-tech specialists and will give us a huge opportunity to work with governments and tap into universities working on revolutionary technologies.
“The US is a key growth market for us, and working with Brick & Mortar helps us capitalise on that. These guys are the domain experts in the construction industry, and will open doors for us. The additional funds will allow us to continue investing in best-in-class research and development in this area, for defence and commercial applications globally, and double down on our growth in the US and other global markets.”
