Latest news with #SaronicTechnologies
CNBC
10-06-2025
- Business
- CNBC
19. Saronic Technologies
Founders: Dino Mavrookas (CEO), Rob Lehman, Vibhav Altekar, Doug LambertLaunched: 2022Headquarters: Austin, TexasFunding: $850 millionValuation: $4 billionKey Technologies: Artificial intelligence, autonomous vehiclesIndustry: DefensePrevious appearances on Disruptor 50 list: 0 Defense startup Saronic Technologies is working with the U.S. Navy to design and manufacture autonomous surface vessels, to enhance national security in the maritime sector for both the U.S. and its allies. Through combining artificial intelligence, data analysis, advanced sensors and communication technologies, Saronic ships are built to endure challenging conditions at sea and respond to various forms of attack. In the past two years, the startup has released five smaller autonomous surface vessels, ranging from 6 feet to 60 feet long. The smallest model, the 6-foot Spyglass, is designed for tactical deployment through at-sea launches. Its larger 24-foot Corsair, released last October for urgent operations, has a range of 1,000 nautical miles, a maximum speed of over 35 knots, or 40 mph, and a payload capacity of 1,000 pounds. In April, it introduced two even larger vessels: Mirage, a 40-foot vessel with a range of over 2,000 nautical miles and a carrying capacity of 2,000 pounds; and Cipher, a 60-foot vessel with a range exceeding 3,000 nautical miles and a carrying capacity of 10,000 pounds. "We've been able to execute at a speed and a scale that hasn't been seen before in the maritime environment," Saronic Technologies CEO and co-founder Dino Mavrookas said in an interview on CNBC's "Closing Bell: Overtime" in February. In April, the company also acquired Gulf Craft, a Louisiana-based shipbuilder, to gain a foothold in a Gulf Coast shipyard and serve as production hub for its medium-sized unmanned surface vessel fleet, Marauder, a 150-foot autonomous surface vessel. The U.S. ship industry is ripe for disruption and innovation. Domestic shipyards built up to 25 ships per year back in the 1970s, but this number fell to roughly five ships per year in the 1980s and continues at a low rate while other countries, particularly in Asia, produce ships at much lower costs, according to a congressional report. The U.S. shipbuilding industry has been a focus for both the Biden and current Trump administration, for commercial ship and military security reasons. The U.S. Navy has lost ground to China in new naval builds, according to government reports. As the U.S. Navy continues to work toward a hybrid fleet of manned and unmanned ships, Saronic Technologies is competing with the likes of MARTAC and Maritime Applied Physics Corporation that are also looking to reshape naval warfare, and capitalize on new approaches to defense spending. Saronic Technologies secured major classified government contracts last year, along with acquiring a private lake to use for testing its autonomous surface vessels in Austin, Texas. In February, the company announced $600 million Series C funding, which quadrupled Saronic Technologies' total valuation in just seven months since its previous VC round. "It is our initiative to build the shipyard of the future, to invest billions of dollars into the defense industrial race, create thousands and thousands of jobs in the process and bring shipbuilding back to this country in a way that we haven't seen since World War II," Mavrookas said at the time of the latest fundraise, referring to its plans for what it calls "Port Alpha."
Reuters
18-02-2025
- Business
- Reuters
Saronic Technologies valued at $4 billion after $600 million fundraising
Feb 18 (Reuters) - Saronic Technologies said on Tuesday it has closed a $600 million Series C funding round, led by investor Elad Gil, which valued the autonomous shipbuilding company at $4 billion.
Yahoo
18-02-2025
- Business
- Yahoo
Saronic unveils plans for autonomous shipyard
Texas-based Saronic Technologies announced Tuesday it raised $600 million in private funding to build an autonomous shipyard it's calling Port Alpha. The company plans to use the facility to grow its fleet of medium- and large-class autonomous surface vessels amid demand from the Pentagon for more drones of all kinds, including ships. 'It is going to be the most advanced shipyard in the world,' CEO Dino Mavrookas told reporters. 'We're going to build it right here in America. We're going to build it from the ground up.' Saronic hasn't yet picked a site for Port Alpha, but the company is working with state governments throughout the U.S. to find the right fit. Texas and the Gulf Coast are among the regions the firm is closely exploring, according to Mavrookas. The company declined to offer specifics on how much the project would cost, saying only that it planned to funnel 'billions and billions of dollars' toward the effort over its lifecycle. Mavrookas would not commit to a timeline for when the facility would open its doors, but said he expects it to be operating 'well within five years.' 'This is not something that we're just thinking about,' he said. 'Our goal is to get it open as fast as possible with shipbuilding production lines, rolling things out and into the water.' Founded in 2022, Saronic has raised more than $850 million and is valued at $4 billion. In just three years, the firm has developed three uncrewed vessels: Spyglass, Cutlass and Corsair — a 24-foot-long boat that it unveiled last October. The company sees its systems as a solution to the U.S. Defense Department's push for more uncrewed systems and Port Alpha as a means for boosting the Navy's shipbuilding capacity. The service's latest 30-year shipbuilding plan calls for 381 battle force ships — an increase from its current fleet of 295 — and an additional 134 unmanned surface vessels over that time period, including 40 large-sized vessels. The service is also pushing toward a fully operational unmanned fleet by the mid-to-late 2030s. At the same time, the Navy's shipbuilders are struggling to maintain cost and schedule requirements, many of them years behind on delivering due to a number of factors, including a shrinking workforce and a lagging supply chain. Asked whether he expects Port Alpha to put additional strain on that base, Rob Lehman, Saronic's chief commercial officer, said the autonomous vessels the company is building won't rely on the same manufacturing techniques, hardware and workforce that traditional shipbuilders developing manned platforms. 'We're looking at a new class of vessels with a new way of building them, unburdened by some of the constraints that the current shipbuilding industrial base is hindered by,' he said. 'We plan on approaching the Navy with ideas, concepts and capabilities rather than just waiting and being told what to do.'
