Advanced Navigation secures $108m, KKR backing

A Perth-linked tech company that has worked with Boeing and Google, and counts Malcolm Turnbull as a backer, has secured $108 million from investors including famed private equity outfit KKR.

Advanced Navigation was founded by Chris Shaw and Xavier Orr, following research by Mr Orr at the University of Western Australia.

Mr Orr drove across the country twice to collect data for his first navigation system, which applied machine learning to improve positioning.

Since then, Advanced Navigation has worked with some big international clients, including Airbus, Boeing, Google, Apple, and General Motors.

Advanced operates a subsea robotics laboratory in Osborne Park, and a new facility was set to open in September.

That was to be the largest subsea robotics manufacturing plant in the country, the business has said.

Today’s series B deal brings the total raised by Advanced to $134 million, and adds KKR to the list of investors.

“Advanced Navigation marks our first technology growth investment in Australia, an important market for KKR overall, and for our growth equity franchise and its dedicated team based in Sydney,” KKR head of growth equity Asia Pacific Mukul Chawla said.

Former US Army general David Petraeus, a KKR partner, will also chair a new advisory committee to help Advanced expand globally. 

Advanced’s backers have included CSIRO’s Main Sequence fund, OIF Ventures, AI Capital and former prime minister Malcolm Turnbull, who is a director.

Mr Orr said the company wanted to continue to be a driving force in an autonomy revolution.

“KKR has significant experience investing in emerging technologies, we are thrilled to have them lead our Series B funding round and work alongside our team to advance our product and technology innovation and development,” he said in a statement.

Advanced’s technology includes underwater acoustics, radio frequency systems, inertial sensors, robotics, and quantum-enhanced inertial navigation, the company said.