Nauticus Robotics, a U.S. developer of autonomous vehicles and robots for data collection and intervention services for offshore industries, has secured fresh funding for its operations and appointed new executive management team.
The new investment was secured before the close of 2023 and eliminated many of the dilutive warrants and ratchet provisions of the original de-SPAC financing in the process, according to Nauticus Robotics.
The company said the investment is the first tranche of financing led by existing investors, and it anticipates executing a second tranche of investment, for which discussions are ongoing and aimed at providing funding for the year.
Nauticus Robotics has also appointed new executive management team, led by John Gibson, who was promoted to interim CEO on January 4, 2024.
Gibson is joined by Victoria Hay, the company's interim CFO, and Nicholas Bigney, as Nauticus Robotics’ General Counsel, both of whom were appointed during the final quarter of 2023.
JD Yamokoski, the company's long-time CTO, has remained with Nauticus Robotics and rounds out the executive management team.
"Team Nauticus is now laser-focused on converting our intellectual property, including both patents and trade secrets, into differentiated solutions that bring significant value to both commercial and government customers.
“We are shifting from prototypes to creating reliable solutions for the blue economy. We are pleased that our financing partners worked with us to address the ratchet provisions associated with earlier issued convertible securities, thereby enabling potential equity investment from others.
“We appreciate the engagement of the company's Board in addressing earlier challenges, and, as a result of our recent changes, are excited about the year ahead,” said Gibson.
Nauticus Robotics expects to be offshore certifying its new Aquanaut Mk2 vehicle beginning in early 2024, and, upon completion of the certification, anticipates transitioning to contracted operations at a deepwater field for a major oil and gas producer.