Autonomous boat startup Saronic raises $1.75 billion in race to modernize U.S. military

Skip Navigation Markets Business Investing Tech Politics Video Watchlist Investing Club PRO Livestream Menu Key Points Autonomous ship maker Saronic raised $1.75 billion and more than doubled its valuation to $9.25 billion. The company is working closely with the Navy and aims to build more than 20 ships a year by 2027. The U.S. government is leaning on innovative defense tech solutions as it fights low-cost drones in Iran and seeks to modernize the military. watch now VIDEO 13:45 13:45 Saronic CEO Dino Mavrookas on $1.75 billion funding round, autonomous vessels, and expanding U.S. shipbuilding News Videos Autonomous 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 is 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. …