The Austin-based military firm Saronic revealed yesterday that it has quadrupled its valuation to $4 billion from its last round of funding by raising $600 million in a Series C to create an autonomous ship factory named “Port Alpha.”
With General Catalyst joining current investors Andreessen Horowitz, 8VC, and Caffeinated Capital, among others, investor Elad Gil led the round.
Following Anduril’s $14 billion valuation in its most recent round, Saronic should now rank as the second, if not the third, most valuable military tech business in the United States. However, given that it is apparently in negotiations to reach a $5 billion valuation on a new round of funding, Shield AI may surpass that. (Anduril is in negotiations to raise $28 billion, which is twice its current worth.)
Saronic is not the only military tech star with ambitious manufacturing goals; this month, Anduril revealed plans to construct a billion-dollar megafactory in Ohio.
Three autonomous surface vessel (ASV) models up to 24 feet long—roughly half as long as a contemporary lifeboat—have already been created by Saronic. However, in contrast to China, Saronic claims the factory will also increase U.S. shipbuilding capability by producing huge unmanned ships.
Despite Ukraine having virtually no human fleet of its own, the country’s successful deployment of drone ships to force the Russian fleet out of Crimea has contributed to the rise of unmanned ships in naval warfare.
Mavrookas stated on CNBC that Saronic has already raised about $850 million, attributing the quadrupled valuation to Saronic’s rapid development of new software and vessels.
Saronic’s promotion is the most recent indication that Silicon Valley’s defense technology is continuing to soar thanks to similar mega deals.
