Auterion Secures $130M for Drone Software Expansion, Valued at Over $600M
Auterion LLC, a military drone software startup, has secured US$130 million in funding, led by Bessemer Venture Partners LP. This investment gives the company a valuation 'north of' US$600 million, as announced by CEO Lorenz Meier. The fresh capital will fuel both internal and external expansion, including acquisitions of compatible application makers.
Auterion's software enhances uncrewed aircraft's navigation and targeting capabilities. Initially serving delivery drones, the company shifted its focus to defense following Russia's invasion of Ukraine in 2022. This pivot has led to a US$50 million contract with the US Department of Defense for low-cost, long-range weapons prototyping, in collaboration with a Ukrainian dronemaker.
The company is now 'close to' US$100 million in revenue and has achieved cash flow positivity. Auterion plans to sign contracts soon with two European countries, with more to follow after its cooperation with the US Department of Defense. The company's software-centric approach allows it to work with multiple drone manufacturers and defense contractors. Already in use in Ukraine, Auterion's technology coordinates hundreds of drone brands into a coordinated swarm.
With the recent funding, Auterion is set to expand its operations in geopolitical hotspots like Ukraine and Taiwan. The company's software, which improves drone navigation and targeting, is in high demand, as evidenced by its US Department of Defense contract and impending European deals. Auterion's future looks promising, with a valuation 'north of' US$600 million and a strong financial performance.
