Reliable Robotics today announced it has raised USD115 million in new capital, upsizing its previously-announced USD160 million Series D round due to increased investor demand. “The investment, which includes a USD25 million term loan from Silicon Valley Bank, pushes Reliable’s valuation over USD1 billion and brings the total raised in the Series D round to USD275 million,” said the company in a press release. “To date, Reliable has raised more than USD380M in equity capital. The funding will be used to expand the company’s fleet of aircraft and production facilities, and to rapidly scale the engineering team.”
Nimble Partners led the round as a returning investor, according to the company. New investors include Gideon Capital, RockCreek, Geek Ventures, Gold Hill Capital, Sparkwave Capital and others, alongside continued participation from returning investor Island Green Partners. Allen & Company supported the Series D fundraise.
Reliable’s core technology, the Reliable Autonomy System (RAS), and the Reliable Radar prevent the leading causes of aviation accidents, like loss of control (LOC) and controlled flight into terrain (CFIT), while integrating with existing aviation infrastructure and certified aircraft – requiring no changes to the National Airspace System for commercial operations, says the company.
The RAS is a dual-use, safety-enhancing technology that has both commercial and military applicability. Reliable has secured contracts with multiple branches of the U.S. military and has completed several military airworthiness review processes with the U.S. Air Force. “The company’s recent selection in the Federal Aviation Administration’s (FAA) Advanced Air Mobility Integration Pilot Program enables Reliable to perform pre-certification operations in the National Airspace System, delivering cargo to small and rural communities across New Mexico and Colorado.”
Reliable is certifying the RAS for commercial operations in the United States with the FAA on the Cessna 208B Grand Caravan. The RAS is the first FAA-certifiable system enabling full gate-to-gate automated operation of an aircraft. The company has the only FAA accepted certification plan, means of compliance and closed issue papers for continuous autopilot engagement.
In addition to the USD275M Series D, Reliable is also announcing the opening of two new offices in Seattle, Washington and San Diego, California. The new offices add to the company’s existing footprint in Mountain View and San Martin, California and Albuquerque, New Mexico.
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Reliable Robotics Secures USD115M in New Capital
(Image: Reliable Robotics)