Austin-based defense startup Saronic has raised a $600 million Series C to build an autonomous ship factory called “Port Alpha” announced yesterday, bringing its valuation to $4 billion from the final round I illuminated it.
Investor Elad Gil led the round, with general Catalyst joining existing investors Andreessen Horowitz, 8VC and Caffeinated Capital.
This makes Salonic the second and perhaps the third most valuable defense technology startup in the US after Andrill’s final round was valued at $14 billion. However, Shield AI can beat it as it is reportedly in consultation to achieve a $5 billion valuation in the new funding round. (Anduril is looking to raise it to $28 billion again with a double valuation.)
Salonic is not the only defense engineer with large-scale manufacturing ambitions. For example, Andrill announced plans to build a $1 billion megafactory in Ohio last month.
Saronic has yet to find the Port Alpha site, but has confirmed to TechCrunch that he is actively searching for it. Operations at what Salonick calls the “future shipyard” are expected to begin within five years, Salonick co-founder and CEO Dino Mabrukas told Defense News.
Salonic has already developed three models of three autonomous surface containers (ASVs) that are up to 24 feet long. This is about half the length of a modern lifeboat. However, Salonic says the factory will also build large unmanned ships, while strengthening the US shipbuilding capabilities compared to China.
Unmanned ships are a hot trend in naval warfare thanks to Ukraine’s success in using drone ships to drive the Russian navy out of Crimea, despite Ukraine virtually not harming its own manned navy. .
Salonic is currently raising nearly $850 million, Mavrokas told CNBC, attributes the four-fold rating to Salonic’s speed in developing new vessels and software.
Salonic’s pay raises are the latest indication that defensive technology continues to win new highs in Silicon Valley, backed by similar monster rounds.
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