Ibadan, 21 November 2022. – Advanced Navigation, a developer of AI robotics and navigation technology, and KKR, a leading global investment firm, have announced the signing of definitive agreements under which KKR will lead a USD 68 million Series B funding round in the Company. The funding round includes participation from new investors, such as deep learning venture firm AI Capital and existing investors, including Main Sequence, the Hon. Malcolm Turnbull AC, In-Q-Tel, and Our Innovation Fund, bringing Advanced Navigation’s total amount raised to more than USD 85 million.
Xavier Orr, CEO and Co-Founder of Advanced Navigation said, “We look forward to this next phase of growth as we continue to be a driving force in the autonomy revolution. KKR has significant experience investing in emerging technologies. We are glad to have them lead our Series B funding round and work alongside our team to advance our product and technology innovation and development.”
Louis Casey, KKR’s growth technology lead in Australia, New Zealand, and Southeast Asia, said, “Advances in autonomous navigation technology that leverages AI to reduce sensor cost while improving performance can rapidly increase enterprise and consumer applications globally. We are pleased to work alongside the Advanced Navigation team to support the Company’s growth.”