Autonomous aircraft systems maker Reliable Robotics, which aims to prevent airplane crashes, has flown past the $1 billion valuation mark after a new fundraising round.
Former SpaceX Brains
The company, founded by two former SpaceX (SPCX) staffers, said it had raised $115 million in new capital, upsizing its previously announced $160 million Series D round due to increased investor demand. The investment includes a $25 million term loan from Silicon Valley Bank. The total size of the Series D round has increased to $275 million. In total, Reliable Robotics has raised $380 million.
Nimble Partners led the round as a returning investor. New investors include Gideon Capital, RockCreek, Geek Ventures, Gold Hill Capital, Sparkwave Capital and others, alongside continued participation from returning investor Island Green Partners.
Reliable said that the new money will be used to expand the company’s fleet of aircraft and production facilities and to rapidly scale its engineering team.
The company hailed its new over $1 billion valuation as a “significant milestone in our mission to deliver certified autonomous flight systems that make aviation safer and more accessible.”
According to the company’s website, 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.
Flying on Four Fronts
It can be used by both commercial and military air operators. It has to date secured contracts with multiple branches of the U.S. military and has completed several military airworthiness review processes with the U.S. Air Force. It was also recently selected in the Federal Aviation Administration’s (FAA) Advanced Air Mobility Integration Pilot Program which 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 Robotics is working to gain FAA certification on four fronts. Its first product, called continuous autopilot engagement, handles the engine startup, taxiing, takeoff, and landing for the pilot, who remains in the aircraft and interacts with the autonomous flight system through a touchscreen. CEO Robert Rose expects to receive certification for this critical first system in 18 to 24 months.
The second certification, which Rose says is at least three years away, removes the pilot from the cockpit and moves them to a ground-control station. It is also working on the certification of a collision-avoidance radar and its airline, called Reliable Airlines to fly cargo six days a week.
“We continue to make steady progress and deliver evidence to the FAA and every day, we inch closer and closer,” said Rose, a former director of flight software at SpaceX. Its co-founder and CTO Juerg Frefel is also a former SpaceX engineer.
Can You Buy Reliable Robotics on the Stock Market?
Reliable Robotics is still a privately held company with no publicly traded stock yet. However, interest in the firm has surged, with TipRanks data showing that its estimated valuation has climbed more than 66% YTD. For more information on Reliable Robotics, investors can track updates on its funding rounds and valuation on the TipRanks Private Company Center.
