Jul 19, 2024 - Business

Saronic raises $175 million for military drone boats

Dan Primack,
Colin Demarest

Illustration of a giant boat made out of a 100 dollar bill with smaller red boats sailing away — Illustration: Sarah Grillo/Axios

Saronic, an Austin, Texas-based maker of autonomous surface vehicles for the U.S. Navy, raised $175 million in new venture capital funding at around a $1b valuation.

Why it matters: This is a big-money reminder that military drones aren't just for the sky.

Deal details: Andreessen Horowitz led the Series B round, and was joined by 8VC, Caffeinated Capital, Elad Gil, and NightDragon.

The bottom line: The U.S. Navy wants a hybrid fleet — with unmanned vessels capable of shooting, jamming, communicating — and defense contractors large and small are rushing to fill the gap.

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Saronic raises $175 million for military drone boats

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