Renowned US private equity fund KKR has joined the register of robotics and navigation technology company Advanced Navigation as part of a new $108 million funding round.
Advanced Navigation could not disclose the valuation of the raise, but it is understood co-founders Xavier Orr and Chris Shaw gave up a standard 10 per cent to 15 per cent of equity under the deal, meaning the company is approaching the lauded unicorn status . Its navigation systems, which are used by companies in a diverse array of industries including defence, automotive, agriculture and aerospace, are more accurate, reliable and much smaller than existing products.
Advanced Navigation co-founders Chris Shaw and Xavier Orr combined their knowledge of inertial navigation and sensors to start the company.