Full Speed Ahead for Saronic Technologies

Saronic Technologies, a developer of autonomous maritime vessels, has raised $600 million in a Series C funding round led by investor Elad Gil, at an enterprise valuation of $4 billion. 

Saronic’s efforts in the autonomous vessel sector address existing gaps in the United States’ shipbuilding capacity and support the Navy’s transition toward a hybrid fleet that integrates both manned and unmanned systems.

Founded in 2022, the Austin-based company currently offers three unmanned surface vessels: the 24-foot Corsair, the 14-foot Cutlass, and the 6-foot Spyglass. The Corsair model boasts a range of 1,000 nautical miles, a top speed exceeding 35 knots, and a payload capacity of 1,000 pounds.

The new Series C round follows a successful 2024 for Saronic, during which the company developed and delivered its largest autonomous surface vessel (ASV) model to date, the Corsair, and acquired a 420,000-square-foot manufacturing facility in Austin, bringing its total footprint to more than 520,000 square feet. In addition, Saronic plans to double its employee count by the end of 2025—growing from more than 300 employees to roughly 600.

Capital from the new round will be used for the construction of Port Alpha, a state-of-the-art shipyard designed to produce medium- and large-class unmanned ships. Port Alpha is expected to be operational within the next five years.

“A core principle of Saronic is that we design our vessels for autonomy from the keel up,” said Dino Mavrookast, the CEO and co-founder of Saronic. “We will take the same approach with Port Alpha, designing a shipyard from the ground up to produce at a speed and scale not seen since World War II.”

“The last years have seen a degradation in the capacity for the United States to build ships and to manufacture core needs of the country,” said Elad Gil, the CEO of Gil Capital. “I am excited to back Saronic and its focus on revitalizing shipbuilding in America, while also building products to defend those interests.”

The new Series C funding round also saw participation from new investor General Catalyst and existing backers, including a16z, Caffeinated Capital, and 8VC.

General Catalyst invests in companies across sectors such as consumer, enterprise, fintech, health, security, manufacturing, and assurance. Founded in 2000 and headquartered in Cambridge, Massachusetts, the firm raised its most recent fund, totaling $2.3 billion, in 2023.