Boston-based Sea Machines Robotics, a leading developer of autonomous systems for ocean-going vessels and workboats, reports that it has closed a new $15 million financing round with significant participation by Huntington Ingalls Industries (HII), America’s largest military shipbuilding company. This investment in Sea Machines marks one of the largest venture rounds for an advanced technology company serving the maritime sector,
The strategic investment and associated partnership with HII will accelerate the deployment of self-piloting technologies in the rising market of unmanned naval boats and ships and is a continuation of HII’s expansion in the rapidly growing autonomous and unmanned maritime systems industry.
“This investment represents our commitment to advanced innovation and competencies across the unmanned systems market,” said Andy Green HII executive vice president and president of Technical Solutions. “Sea Machines is making significant strides in the USV industry. We want to invest in their growth and continue to form complementary partnerships across this key domain.”
“Our partnership with Sea Machines gives us immediate access to state-of-the art solutions for U.S government work in the USV space,” said Duane Fotheringham, president of Technical Solutions’ Unmanned Systems. “Sea Machines’ products align well with our existing autonomy capabilities, and we look forward to collaborating with their team on USV pursuits.”
“This reinforces Sea Machines’ position as the leading developer of autonomous navigation and wireless vessel control systems,” said Michael G. Johnson, CEO, Sea Machines. “Our ability to secure significant financing during a challenging economic environment is an indicator of investors’ confidence in our ability to reshape and retool the marine industries with modern-day, advanced technologies. And being selected as technology partner by HII, a leader in every right, further affirms our course in product and market approach.”
Sea Machines says that its autonomous systems markedly increase productivity of vessel operations by assuming active domain perception and navigation duties. A Sea Machines system works under the command of a human operator and, by taking on the long duration and often repetitive control duties, it boosts the predictability and precision of operations while lowering the risk of fatigue-related incidents. The technology also enables new capabilities on water, such as the onshore command of remote offshore vessels.
“We are entering a phase of growth and universal interest like what was witnessed in the self-driving automotive space starting five years ago, but the difference being that marine self-piloting systems are already operationally deployed. We expect to see broad adoption of autonomous technology on water ahead of that on roads,” said Johnson.
Since launching its first family of products in late 2018, Sea Machines has deployed systems on vessels in a multitude of sectors. From large cargo vessels (including a program with A.P. Moller-Maersk) to U.S.-flag ATBs and data-collecting survey boats, oil-spill response craft, search-and-rescue (SAR), patrol and crew transfer vessels. Sea Machines systems are now operating in four of the world’s eight geographical regions and this reach is enabled through a dealer-partner program with established marine electronics integrators.
This investment round was led by Accomplice with further participation by Toyota AI Ventures, Brunswick Corp. (through investment partner TechNexus), Geekdom Fund, NextGen Venture Partners, Eniac VC, LaunchCapital and others.
“Five percent of global GDP is directly fueled by the marine economy and the industry is poised for technology innovation,” said Ryan Moore, partner, Accomplice. “Michael and the Sea Machines team have achieved significant progress and this financing underscores our strong position.”