Nauticus Robotics Raises $12M in Funding to Execute 2024 Goals, including Industry-changing 'Augmented Autonomy' for Subsea Robots
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The recent announcement by Nauticus Robotics of securing over $12M in investment marks a significant milestone in the company's growth trajectory. The funding is poised to accelerate the certification process of the Aquanaut, a robot designed to transform subsea operations by enabling fully autonomous functionality. This development is likely to have considerable implications for the efficiency and safety of underwater tasks, particularly in the oil and gas industry.
From a market perspective, the ability to perform complex tasks in deep-water environments without direct human intervention could position Nauticus Robotics as a leader in the subsea robotics market. The forecasted efficiency improvements of over 20% and the potential reduction in emissions underscore the company's commitment to innovation and environmental sustainability. Moreover, the adoption of 'tethered autonomy' as a transitional strategy could help mitigate market resistance to fully autonomous systems by providing a familiar operational framework for customers.
The strategic partnership with Piper Sandler & Co. and the acquisition of 3D At Depth suggest a forward-looking approach to maximizing shareholder value and expanding technological capabilities. These moves could signal to investors that Nauticus is actively pursuing growth and seeking to enhance its competitive edge in the market.
The influx of $12M in new investment for Nauticus Robotics is a critical financial development that will likely attract the attention of investors and analysts. The capital injection will support the expedited certification of the Aquanaut, which has the potential to disrupt the traditional remote-operated vehicle (ROV) market. The financial implications of this technological advancement could be substantial, as the operational efficiencies and cost savings associated with autonomous subsea robots could translate into increased profitability for Nauticus and its clients.
It is important to note that the company has recently undergone a change in leadership, which often brings a fresh perspective and new strategies to an organization. The new leadership's focus on minimizing general and administrative (G&A) costs while heavily investing in commercialization is a strategic move that aims to streamline operations and improve the bottom line. Investors should monitor how these changes affect the company's financial performance in the coming quarters.
The engagement of Piper Sandler & Co. to explore strategic options indicates a proactive stance in seeking opportunities to enhance shareholder value, which could include partnerships, mergers, or acquisitions. This could potentially lead to significant shifts in the company's market position and financial outlook.
The environmental and safety implications of Nauticus Robotics' investment in autonomous subsea technology are noteworthy. The anticipated efficiency improvements and emission reductions align with global trends towards more sustainable industrial practices. The ability of the Aquanaut to operate in water depths of 200 to 2000+ meters with reduced human intervention not only enhances safety by minimizing the risks associated with deep-water operations but also contributes to lowering the carbon footprint of such activities.
The concept of 'tethered autonomy' as an intermediate step towards full autonomy is a strategic approach that can foster industry acceptance while gathering essential operational data to refine autonomous systems. This data-driven approach to improving safety standards and reducing environmental impact has the potential to set new benchmarks in the subsea robotics industry. Stakeholders with an interest in environmental, social and governance (ESG) factors will likely view these developments positively, as they reflect a commitment to responsible innovation.
The new investment will expedite certification of Nauticus' flagship robot, the Aquanaut, which facilitates the transformation of tethered ROV operations to fully autonomous operations. It is expected to perform numerous tasks in water depths ranging from 200 - 2000+ meters during February in preparation for an inaugural job inspecting a deep-water production facility of a major oil and gas company in the Gulf of
The new investment comes only weeks after the company announced a change in leadership, including a new CEO, CFO and lead General Counsel.
Since becoming the President of Nauticus in October, John Gibson has been assessing the go-to-market strategy and said "the market sees our potential and supports our vision of delivering full autonomy to subsea operations – however, the diffusion rate of our solutions requires a significant shift from the current paradigm of human operations to autonomous operations. To eliminate the inertia to change, we recast our vision. We realized the fastest path to full autonomy would be through the deployment of 'tethered/augmented autonomy.' This allows the customer and operators to retain the ability to intervene while simultaneously allowing Nauticus to gather the operational data needed to train our fully autonomous solutions for the future."
This is possible because our software architecture is platform independent and can be used on all subsurface vehicles and has already been deployed on several competitor vehicles for defense-related work. This enables the company to become a multi-platform operating system for a vast array of vehicles already deployed. The forecasted efficiency improvements for existing platforms using 'tethered autonomy' will exceed
"What Nauticus has planned can truly revolutionize the entire industry – and I don't use that term lightly. We can now normalize performance of ROV operators because you will no longer have disparities between skill levels of employees. This obviously provides substantial safeguards to any company using this technology" said Sean Halpin, Head of Autonomous Solutions.
"We are creating a win-win situation for ROV operators. We are not asking them to give up complete control. These robots are not replacing jobs, but instead are making them both easier and more reliable", said Chuck Claunch, Co-head of Software Solutions.
"It's not dissimilar to when pilots first needed to adjust to automation in the airline industry – they didn't lose their jobs – they gained more reliable support to enjoy them," said Paul Dinh, Co-head of Software Solutions.
The board added that while they are investing heavily into commercialization, they are also actively working to minimize G&A costs. Changes to align board cost with the current forecast are underway.
In addition, the board has retained Piper Sandler & Co. to assist in the evaluation of strategic options to maximize shareholder value and the acquisition of 3D At Depth.
Media Contact:
Narwhal Media Group
Jennifer Gooding
jgooding@narwhalmediagroup.com
Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Autonomy requires the extensive use of sensors, artificial intelligence, and effective algorithms for perception and decision allowing the robot to adapt to changing environments. Nauticus' robotic systems and services are designed to address both commercial and government-facing customers. The company targets the Robotics-as-a-Service (RaaS) business model complemented by direct product sales of vehicles, components, and licensing of related software. Nauticus has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure.
Cautionary Language Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Act"), and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus' products; estimated 2024 operating results and use of cash; and Nauticus' use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "should," "seeks," "plans," "scheduled," "anticipates," "intends," or "continue" or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus' management's current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the "SEC") for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in documents filed from time to time with the SEC, including Nauticus' Annual Report on Form 10-K filed with the SEC on March 28, 2023 and Quarterly Report on Form 10-Q, filed with the SEC on August 14, 2023. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC's website at www.sec.gov.
Important Information for Investors and Stockholders
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