Vatn Systems, a leading defense technology company building autonomous underwater vehicles for the US military and allies, announced it has raised an oversubscribed $13 million seed round, bringing total funding to $16.5M. The round was led by DYNE Ventures with participation from Lockheed Martin Ventures, RTX Ventures, In-Q-Tel (IQT), Propeller Ventures, SAIC Ventures, Cubit Capital, Fortitude Ventures and existing investors that include Centre Street Partners, The Veteran Fund, Blue Collective, and Decisive Point.
“Vatn Systems is on a journey to redefine naval warfare by building low-cost, high-speed, autonomous underwater vehicles that can be deployed at scale as force multipliers,” said Nelson Mills, co-founder and CEO of Vatn Systems. “This funding enables us to advance our strategy to expand our team and set up a state-of-the-art manufacturing facility to bring our autonomous underwater vehicles to market next year.”
“Vatn’s rapid progression from concept to high-tech working prototype in just six months is an impressive feat that speaks to the strength of the winning team they’ve built,” said Matthew Kibble, co-founder and Managing Partner of DYNE Ventures. “We’re also confident they can replicate their early success with the Department of Defense to address commercial needs in sectors such as law enforcement, aquaculture, and search & recovery across the U.S. and our AUKUS partners.”
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Vatn Systems’ cost-effective, modular autonomous underwater vehicles enable customers to deploy effects at scale against undersea and surface targets. Bridging the gap between AUVs and torpedoes, Vatn’s flexible design and in-house Inertial Navigation System enable precision delivery of a wide range of effects at ranges of almost 1,000 miles. A core differentiator is the company’s advanced navigation software that is effective in GPS, vision, and communication-compromised environments. Vatn vehicles use applied AI to make decisions in real-time, and the systems also leverage Machine Learning to enhance navigation algorithms.
“Lockheed Martin Ventures’ investment in Vatn Systems aligns with our strategy to invest in cutting-edge technologies that have the potential to provide innovative deterrence solutions to the U.S. and its allies,” said Chris Moran, vice president and general manager of Lockheed Martin Ventures. “The development of autonomous underwater vehicles that collaborate in cooperative swarms, especially in challenging environments with limited communication, could be a game changer in completing sea domain missions.”
“Vatn’s dynamic platform and advanced software are enhancing naval technology and redefining navigation capabilities,” said Daniel Ateya, president and managing director of RTX Ventures. “Our investment will help Vatn to progress autonomous underwater vehicles, delivering transformative capabilities that are essential for military and law enforcement operations.”
Founded in April 2023, Vatn Systems has quickly proven its technology, growing from founding to launching its first drones in the water within six months. The company is actively testing in military exercises with key defense organizations including the U.S. Navy and Marine Corps.
SOURCE: PRNewswire