Australian robotics and AI sensor company, Advanced Navigation, has raised $20 million in a Series A round aiding the company’s global expansion and R&D for new robotics, navigation and sensor technologies.
The funding was led by Main Sequence Ventures’ CSIRO Innovation Fund, alongside US venture firms Brick and Mortar Ventures and In-Q-Tel.
Advanced Navigation builds AI-based navigational technologies and robotics. Some of their customers include NASA, Boeing, Airbus and Tesla.
According to Advanced Navigation, the systems are based on an AI algorithm that allows them to be much smaller, more accurate, more reliable and significantly cheaper than incumbent products.
The development is designed to make transformative new technologies a reality for the first time, these include self-driving cars, robotics, autonomous drones and submersibles, as well as new capabilities in aerospace, automotive, defence, marine and subsea.
Xavier Orr, co-founder and co-CEO of Advanced Navigation said, “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.
“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.”
Chris Shaw, co-founder and co-CEO at Advanced Navigation 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.”
Martin Duursma, partner at Main Sequence Ventures, and Curtis Rodgers, principal at Brick & Mortar Ventures, will join Advanced Navigation’s board.
Rodgers said, “The ultra-precise navigation and positioning capabilities of Advanced Navigation’s technologies have a number of potential applications in construction and adjacent industries. We’re excited to work with Xavier, Chris and the team to bring these possibilities to life on the global stage.”