Reliable Robotics has secured $115 million in new funding, bringing its total valuation to over $1 billion. The round consists of $90 million in equity and a $25 million loan from Silicon Valley Bank. This investment expands the company's Series D funding to $275 million, with total equity capital raised now exceeding $380 million.
The financing was led by Nimble Partners, with participation from Gideon Capital, RockCreek, Geek Ventures, Gold Hill Capital, Sparkwave Capital, Island Green Partners, and Allen & Company. The startup, based in Mountain View, California, plans to use these funds to expand its aircraft fleet, increase production, and hire more staff for its workforce of over 250 employees.
Reliable Robotics is opening new offices in Seattle and San Diego. The company focuses on retrofitting existing aircraft, specifically the Cessna 208B Grand Caravan, with its Reliable Autonomy System. This technology aims to automate all flight stages, including taxiing, takeoff, navigation, and landing, to improve safety and reduce operational costs.
The company is currently working with the Federal Aviation Administration to certify its systems. CEO Robert Rose anticipates the first certification, involving continuous autopilot with a pilot present, within 18 to 24 months. Removing the pilot entirely is projected to take at least three years. The firm also holds contracts with the U.S. military and participates in an FAA pilot program.
