Reliable Robotics adds $115m in Series D extension
The package combines $90m in equity with a $25m Silicon Valley Bank term loan.
Reliable Robotics has secured $115 million in additional capital: $90 million in equity and a $25 million term loan from Silicon Valley Bank. Nimble Partners led the equity financing.
The extension takes the previously announced $160 million Series D to $275 million and values the aircraft automation company above $1 billion. Other investors include Gideon Strategic Partners, RockCreek, Geek Ventures, Gold Hill Capital and Sparkwave Capital.
Reliable plans to expand its aircraft fleet and production facilities and grow its engineering team. Its technology is intended to bring automation to existing commercial and defense aircraft.
The Mountain View company is working toward certification of its aircraft automation systems. The fresh capital supports that development and manufacturing effort as the company pursues deployment.
Use of funds
Expand aircraft fleet and production facilities
Scale engineering team