Reliable Robotics Adds $115 Million to Series D
Reliable Robotics has added $115 million to its previously reported $160 million Series D round, bringing the total to $275 million and pushing its valuation past $1 billion, according to Tech Startups.
The financing includes $90 million in equity and a $25 million term loan from Silicon Valley Bank. Returning investor Nimble Partners led the equity financing, with participation from Gideon Capital, RockCreek, Geek Ventures, Gold Hill Capital, Sparkwave Capital and Island Green Partners.
Reliable Robotics will use the capital to expand its aircraft fleet, increase production capacity and hire engineers. It is also opening offices in Seattle and San Diego. The company is seeking federal certification for its Reliable Autonomy System, which is designed to automate taxiing, takeoff, navigation and landing on aircraft including the Cessna 208B Grand Caravan.
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