NRFC invests $50m in Advanced Navigation’s GPS alternative systems
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The news: The National Reconstruction Fund Corporation (NRFC) has invested $50 million in preferred equity in Advanced Navigation to support inertial navigation systems (INS) as an alternative to GPS. The systems are designed to maintain high accuracy when GPS signals are degraded.
The context: The funding will support Australian manufacturing of the company’s hardware and software and help commercialise its Australian-developed intellectual property in local and overseas markets.
The NRFC said that by combining INS, robotics, AI and high-precision sensing, Advanced Navigation’s positioning navigation and timing (PNT) solutions can address GPS vulnerabilities.
The investment forms part of a $158 million Series C funding round led by Airtree Ventures.
Other investors include Quadrant Private Equity, Main Sequence, KKR, In-Q-Tel, Alpha Intelligence Capital, Malcolm Turnbull AC and OIF Ventures.
What they said: “Advanced Navigation’s technology is precise, secure, reliable, and efficient, and its products are already being used in the mining, marine, and defence industries. The NRFC’s investment will help Advanced Navigation to bring its Australian developed technology to international markets,” NRFC CEO David Gall said.
“NRFC investment in Advanced Navigation will keep the company’s headquarters, core R&D, and high-precision manufacturing capabilities here in Australia, building our sovereign and defensive capabilities and paving the way for the navigational tools of the future,” he added.
The source: National Reconstruction Fund Corporation media release
