Saronic Technologies has raised $600 million in a Series C round led by Elad Gil, boosting its valuation to $4 billion just seven months after reaching unicorn status. The funding will finance the construction of Port Alpha, a next-generation U.S. shipyard dedicated to building autonomous ships for the Navy’s hybrid fleet.
Backed by investors including General Catalyst, a16z, and 8VC, Saronic aims to address the decline in U.S. shipbuilding capacity and accelerate production of Autonomous Surface Vessels (ASVs) to enhance national defense and maritime security.
“This funding is more than just capital—it’s a commitment to redefining maritime superiority for the United States and its allies,” said Saronic CEO and Co-Founder Dino Mavrookas in a statement.
For decades, the U.S. has faced challenges in modernizing its shipbuilding capabilities. According to a 2023 report by the Center for Naval Analyses, America’s shipyard capacity has declined by nearly 30% since the 1990s, raising concerns about the nation’s ability to compete with global players like China, which has heavily invested in its maritime infrastructure.
Saronic’s solution? Port Alpha—a next-generation shipyard designed from the ground up to build autonomous ships at unprecedented speed and scale. Set to break ground later this year, Port Alpha aims to bridge the glaring gap in U.S. shipbuilding capacity and bolster the Navy’s transition to a hybrid fleet of manned and unmanned vessels.
“We’re taking inspiration from America’s shipbuilding past, particularly the production scale during World War II,” Mavrookas explained. “Port Alpha will bring that spirit of innovation back—creating jobs, strengthening our industrial base, and ensuring our Navy remains second to none.”
Why focus on autonomous ships? The answer lies in the changing nature of global threats and naval operations. The U.S. Navy has emphasized the need for a “hybrid fleet,” integrating unmanned systems to extend operational reach, reduce costs, and enhance safety. Autonomous Surface Vessels (ASVs) can perform tasks ranging from surveillance to mine detection, freeing manned vessels for more complex missions.
Paul Kwan, Managing Director at General Catalyst, noted, “The velocity and economics of warfare have evolved. Unmanned systems aren’t just futuristic concepts—they’re force multipliers on today’s battlefield. Saronic’s advancements in autonomy directly address this evolving landscape.”
Saronic’s success has attracted an impressive roster of backers, including a16z, Caffeinated Capital, and 8VC. Joe Lonsdale, founder of 8VC, underscored the company’s importance: “Saronic is critical to our national security. Their team’s talent and mission-driven passion rival the most legendary tech companies. Supporting them from day one has been a privilege.”
Beyond private investment, Saronic is collaborating with federal and state lawmakers to foster public-private partnerships essential for large-scale manufacturing. Historically, such partnerships have driven technological leaps—from the Interstate Highway System to the Space Race. Saronic hopes to replicate that success, bringing technological and economic benefits to local communities.
What’s next for Saronic?
2024 was a banner year for the company. It unveiled Corsair, its largest ASV model, and expanded production facilities with a 420,000-square-foot plant in Austin. With the Series C funding secured, Saronic plans to accelerate Corsair production and develop medium to large-class ASVs at Port Alpha.
“We design our vessels for autonomy from the keel up,” Mavrookas emphasized. “That principle guides everything—from software integration to hull design—ensuring efficiency and adaptability.”
Global maritime tensions are at their highest in decades, with disputes in the South China Sea and increased piracy off the Horn of Africa. Freedom of navigation—a cornerstone of global trade—depends on naval readiness. The stakes are clear: over 90% of the world’s trade travels by sea, making maritime security a global economic linchpin.
Elad Gil summarized the broader implications: “Revitalizing shipbuilding isn’t just about defense—it’s about safeguarding economic stability and technological leadership. Saronic embodies that mission.”
Saronic’s $600 million raise is more than a financial milestone. It represents a pivotal shift toward modernizing America’s maritime capabilities, embracing autonomy, and ensuring long-term security and prosperity. With Port Alpha on the horizon, the company is charting a course toward a more resilient, innovative future for the U.S. and its allies.
