GoKawiilAutonomous ship startup Saronic said Tuesday that it's raised $1.75 billion as it ramps up production to meet mounting U.S. military demand for newer and cheaper defense capabilities.
The round, led by Kleiner Perkins, more than doubles Saronic's valuation to $9.25 billion from the $4 billion it hit after a $600 million raise early last year.
Saronic plans to use the funding to scale its supply chain and shipyards, and build more than 20 ships a year by 2027, including its new shipyard, dubbed Port Alpha, in Texas.
"We're seeing a real shift in demand towards unmanned systems that can be delivered at scale and at a fraction of the price point of traditional vessels," CEO Dino Mavrookas told CNBC's Morgan Brennan in an interview.
The U.S. is racing to catch up to China's vast shipbuilding capabilities and restore maritime supremacy under President Donald Trump's military modernization plans. The war in Iran and the bottleneck in the Strait of Hormuz are further illustrating the need to integrate newer tools into modern warfare.