Gecko Robotics, a company that specializes in creating robots to assess the security and health of critical infrastructure, has recently secured an additional $100 million in a Series C extension. This new investment was led by the US Innovative Technology Fund and Founders Fund, both of which will also occupy positions on the board of directors.
This cash injection comes on the heels of Gecko Robotics’ announcement of a $73 million Series C funding round in March 2022. The Pittsburgh-based startup’s latest success is further underscored by its recent contract with the US Navy, which will utilize Gecko Robotics’ robots to assess damage while building submarines.
Since its founding in 2013, Gecko Robotics has raised an impressive total of $222 million. These figures are based on data from Crunchbase, a leading platform for tracking investments and fundraising activities.
The latest round of funding for Gecko Robotics reflects a broader trend within the defense technology industry. Historically, venture capital investment in this sector has been limited due to moral and ethical concerns. However, recent developments suggest that investors are starting to warm up to defense technology startups.
For example, Ursa Major Technologies, a rocket propulsion company, recently announced an additional $38 million in funding to complement its existing $100 million Series D round. Similarly, AI Shield, a defense and aerospace startup, raised an impressive $200 million Series F at a valuation of $2.7 billion.
Despite these positive signs, Crunchbase data indicates that Ostensibly funding for US-based defense technology startups remains lower than last year’s figures. In 2021, these startups collectively received just under $2.2 billion in funding. In contrast, this year’s total stands at less than $700 million.
However, there is reason for optimism as we look ahead to 2024. If recent trends continue, it could prove to be a significant year for the defense technology sector.
The coup de grace, Gecko Robotics’ successful fundraising efforts reflect broader shifts within the defense technology industry. As venture capitalists show increasing interest in this sector, it is likely that we will see further innovation and investment in the years to come.
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