Aussie start-up raises $100m for AI tech

November 17, 2022 09:17 AM AEDT | By AAPNEWS

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An Australian electronics manufacturer has raised more than $100 million to develop artificial intelligence, robotics and navigation.

Advanced Navigation said on Thursday it has attracted another $108 million in capital from investors in the latest funding round, bringing the total raised to $134 million.

Working with global investment firm KKR, new investors such as deep learning venture firm AI Capital have joined existing backers Malcolm Turnbull, Main Sequence, In-Q-Tel and Our Innovation Fund.

The start-up's co-founders Xavier Orr and Chris Shaw are developing AI technologies to help guide driverless vehicles, flying taxis, space crafts, drone deliveries, autonomous farming and deep sea robotics.

"We look forward to this next phase of growth as we continue to be a driving force in the autonomy revolution," Mr Orr said.

"Our technologies will continue to safely and reliably guide autonomous vehicles across hazardous environments."

KKR partner Mukul Chawla said Advanced Navigation is its first technology growth investment in Australia, which is an important market for the investment firm.

Privately-owned Advanced Navigation was founded in Sydney in 2012 by the two engineers to commercialise university research on AI-based navigation.

Since then, they have pushed into new technology fields including underwater acoustics, antennas and receivers, radio frequency systems, inertial sensors, robotics and quantum-enhanced inertial navigation.

The start-up is a supplier to some of the biggest companies in the world, including Airbus, Boeing, Google, Apple and General Motors.

KKR's Louis Casey and Vance Serchuk will join Advanced Navigation's board of directors.

General David Petraeus will chair a new advisory committee to introduce the company's critical technology to new markets and opportunities, including in the aerospace, defence, and security sectors.

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