Gecko Robotics Latest Defense Tech To Raise Big
Gecko Robotics, which creates robots to assess the safety and condition of critical infrastructure, has raised an additional $100 million in a Series C extension.
The new cash infusion was led by some big names — the US Innovative Technology Fund and Founders Fund, both of which will be taking board seats.
The Pittsburgh-based robotics startup announced a $73 million Series C in March 2022.
The new round comes a month after the startup landed a contract with the U.S. Navy to use its robots to assess damage as it builds submarines.
Founded in 2013, the company has raised $222 million to date, per Crunchbase data.
Defense tech on a role
The round is the latest big round to go to a defense tech startup as VCs start to seemingly warm to the industry. Defense tech historically has not drawn venture capital for a variety of reasons, including moral and ethical concerns.
However, just last week rocket propulsion startup Ursa Major said it has added another $38 million to its previously reported $100 million Series D — bringing its total Series D and D-1 funding to $138 million.
In October, defense and aerospace startup Shield AI raised a massive $200 million Series F at a $2.7 billion valuation.
Despite the recent uptick, defense tech numbers are still down from last year, per Crunchbase data. Last year, U.S.-based defense tech startups saw just less than $2.2 billion invested. This year, such startups have seen less than $700 million total.
However, if recent trends continue, 2024 could be a big year for the sector.
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Related reading:
Venture To Defense Tech Startups Still Lags, But Experts Say Interest Is Growing
Defense Tech Startup Shield AI Raises $200M At $2.7B Valuation
Ursa Major Rockets Up Latest Raise To $138M
