Robotics and AI sensor business Advanced Navigation has raised $20 million in a Series A round led by Main Sequence Ventures’ CSIRO Innovation Fund, alongside US venture firms Brick & Mortar Ventures and In-Q-Tel, Inc.
The round will fund a significant global expansion for the Australian-based business and accelerate research and development programs for new robotics, navigation and sensor technologies.
Advanced Navigation builds AI-based navigational technologies and robotics that are used by nine of the largest ten defence companies, including Boeing and Airbus.
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.
“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,” Xavier Orr, co-founder and co-CEO of Advanced Navigation, said.
“Advanced Navigation is an incredible and untold Australian success, already powering many autonomous and robotics capabilities we will see over the decades to come,” Martin Duursma, Partner at Main Sequence Ventures, said. “We really like the way that the company collaborates with Australian universities to develop new and ground-breaking product capabilities. There’s no one quite doing what the company is doing today.”