4 days ago
19. Saronic Technologies
Founders: Dino Mavrookas (CEO), Rob Lehman, Vibhav Altekar, Doug LambertLaunched: 2022Headquarters: Austin, TexasFunding: $850 millionValuation: $4 billionKey Technologies: Artificial intelligence, autonomous vehiclesIndustry: DefensePrevious appearances on Disruptor 50 list: 0
Defense startup Saronic Technologies is working with the U.S. Navy to design and manufacture autonomous surface vessels, to enhance national security in the maritime sector for both the U.S. and its allies. Through combining artificial intelligence, data analysis, advanced sensors and communication technologies, Saronic ships are built to endure challenging conditions at sea and respond to various forms of attack.
In the past two years, the startup has released five smaller autonomous surface vessels, ranging from 6 feet to 60 feet long. The smallest model, the 6-foot Spyglass, is designed for tactical deployment through at-sea launches. Its larger 24-foot Corsair, released last October for urgent operations, has a range of 1,000 nautical miles, a maximum speed of over 35 knots, or 40 mph, and a payload capacity of 1,000 pounds.
In April, it introduced two even larger vessels: Mirage, a 40-foot vessel with a range of over 2,000 nautical miles and a carrying capacity of 2,000 pounds; and Cipher, a 60-foot vessel with a range exceeding 3,000 nautical miles and a carrying capacity of 10,000 pounds.
"We've been able to execute at a speed and a scale that hasn't been seen before in the maritime environment," Saronic Technologies CEO and co-founder Dino Mavrookas said in an interview on CNBC's "Closing Bell: Overtime" in February.
In April, the company also acquired Gulf Craft, a Louisiana-based shipbuilder, to gain a foothold in a Gulf Coast shipyard and serve as production hub for its medium-sized unmanned surface vessel fleet, Marauder, a 150-foot autonomous surface vessel.
The U.S. ship industry is ripe for disruption and innovation. Domestic shipyards built up to 25 ships per year back in the 1970s, but this number fell to roughly five ships per year in the 1980s and continues at a low rate while other countries, particularly in Asia, produce ships at much lower costs, according to a congressional report. The U.S. shipbuilding industry has been a focus for both the Biden and current Trump administration, for commercial ship and military security reasons. The U.S. Navy has lost ground to China in new naval builds, according to government reports.
As the U.S. Navy continues to work toward a hybrid fleet of manned and unmanned ships, Saronic Technologies is competing with the likes of MARTAC and Maritime Applied Physics Corporation that are also looking to reshape naval warfare, and capitalize on new approaches to defense spending.
Saronic Technologies secured major classified government contracts last year, along with acquiring a private lake to use for testing its autonomous surface vessels in Austin, Texas. In February, the company announced $600 million Series C funding, which quadrupled Saronic Technologies' total valuation in just seven months since its previous VC round.
"It is our initiative to build the shipyard of the future, to invest billions of dollars into the defense industrial race, create thousands and thousands of jobs in the process and bring shipbuilding back to this country in a way that we haven't seen since World War II," Mavrookas said at the time of the latest fundraise, referring to its plans for what it calls "Port Alpha."
