Defense tech startup Saronic announces $175M in Series B funding

WASHINGTON — Defense tech startup Saronic announced today it had successfully raised $175 million in series B funding that its executives say will play a key role in allowing the company to rapidly scale production of its three autonomous surface vessels.

The funding round was led by venture capital firm Andreessen Horowitz, with participation from other firms including 8VC, Caffeinated Capital, Elad Gil and NightDragon, according to a company statement. In April, executives from Saronic told Breaking Defense they had raised around $70m to date, meaning today’s funding round more than doubles the previous total raised.

“What we’re doing now is really focusing on the building the thousands,” Dino Mavrookas, Saronic’s chief executive, told reporters today. “It’s scaling that manufacturing plant. It’s building the system that builds the system. It’s laying in the foundation for rapid scale.”

The Austin, Texas-based firm primarily focuses on designing and building autonomous surface vessels and currently produces a 6-foot (Spyglass) and 14-foot model (Cutlass), and is developing a 24-foot model (Corsair). The ASVs, as Saronic describes them, largely fit the characteristics that US Navy officials have proclaimed are necessary to build the future hybrid fleet: unmanned and autonomous vessels with open systems architecture capable of transporting a diverse range of payloads depending on the mission.

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Similarly, Mavrookas’ focus on rapidly scaling production echoes the goals of Replicator, the initiative started by Deputy Defense Secretary Kathleen Hicks that dictates the Pentagon must field thousands of unmanned systems in under two years as a means of countering China. (Saronic deferred to the Pentagon when asked whether it has had any discussions with the Defense Department about Replicator.)

Rob Lehman, Saronic co-founder, told reporters on the same call the company’s participation in Integrated Battle Problem 24.1, a key military exercise the Navy uses to experiment with unmanned systems, was a “coming out party for Saronic.”

“We went to San Diego and brought more boats than folks expected us to bring. And, frankly, we participated in more vignettes and parts of the exercise than were even planned,” he said. “Post Integrated Battle Problem, frankly, the demand signal has accelerated for the exercises, demonstrations … throughout the rest of [2024] and [2025] as well.”