The global expansion of Australian navigation sensor manufacturing business, Advanced Navigation, has received $20 million in funding, through a partnership between Main Sequence Ventures, Brick & Mortar Ventures, and In-Q-Tel.
Advanced Navigation manufactures AI-based navigational technologies and robotics. Its products are supplied to car manufacturers, defence prime contracts and multinational companies such as NASA, Boeing, Airbus, and Tesla.
Advanced Navigation has developed a unique AI algorithm which enables smaller, more accurate, and more reliable systems, which are also significantly cheaper.
“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,” said Xavier Orr, co-founder and co-CEO of Advanced Navigation.
In securing the $20 million in funding, Advanced Navigation drew on CSIRO’s venture capital arm, Main Sequence Ventures, as well as US funders, Brick & Mortar Ventures and In-Q-Tel. According to co-founder and co-CEO, Chris Shaw, this array of funding will enable the company to take its next step into new markets.
“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,” said Shaw.
Shaw pointed to new markets that are opened up in this round of capital investment.
“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,” he said.
Advanced Navigation manufactures navigation systems in Australia, and is headquartered in Sydney.
https://www.manmonthly.com.au/Navigation+manufacturer+secures+%2420+million+in+funding
