US-based autonomous surface vehicle (ASV) manufacturer Seasats has secured $20 million in a series A financing round led by Konvoy Ventures. The funding brings the total raised by the company to more than $40 million.
The company recently obtained over $100 million in US Government contracts for its autonomous maritime platforms. Konvoy Ventures reported that the investment follows research into the ability of the vessels to execute missions for military and commercial partners.
According to Seasats, the vessels have completed trans-Pacific and trans-Atlantic crossings to demonstrate endurance. An interceptor model has also conducted continuous operations for more than one week.
Mike Flanigan, Chief Executive Officer and Co-Founder of Seasats, noted the robotics are designed to automate tasks described as "dirty, dull, and dangerous".
The company reported that the new funding will support the expansion of facilities and the development of additional product lines.
The firm was selected for the Department of War's accelerate the procurement and fielding of innovative technologies (APFIT) programme. This initiative provides capital for capabilities that have finished development and are prepared for large-scale production.
Other participants in the financing round included Shield Capital, DNS Capital, Techstars, Tanis Venture Management, Crumpton Ventures, and Dorado Group. The company plans to increase its workforce as it responds to growth in market demand.