Key Takeaways
- • Anduril Industries acquired Dive Technologies, Inc., a Boston-based subsense robotics designer and manufacturer of autonomous underwater vehicles (AUVs), according to a Business Wire announcement dated February 4, 2022.
- • Tanis Venture Management led Dive's most recent fundraising round in 2020 and served as its outside board director; Mill Town Capital provided Dive's first institutional funding in 2018 and participated in every equity round; VTC Ventures co-invested.
- • The announcement was made jointly by the three investors, who described the transaction as a successful exit for the portfolio company, with Dive's co-founder citing the company's rise to a category pioneer in AUVs within roughly three years.
- • Dive's AUVs are positioned for littoral and deep-water survey and inspection, with emphasis on payload flexibility, low-cost operations, long endurance, and advanced autonomy, applicable to both defense and commercial markets.
Summary
Tanis Venture Management, Mill Town Capital, and Virginia Tech Carilion Innovation Fund & Seed Fund (VTC Ventures) jointly announced that Anduril Industries, Inc., a defense technology company, has acquired their portfolio company Dive Technologies, Inc. ("Dive"), a Boston, Massachusetts-based subsea robotics designer and manufacturer. The announcement was issued via Business Wire. The primary source does not disclose the transaction value or terms.
Tanis led Dive's most recent fundraising round in 2020 and its managing director, Jack Seaver, served as Dive's outside board director. Mill Town Capital provided the first institutional funding to Dive in 2018 and participated in each equity round, with VTC Ventures joining Tanis and Mill Town in their investments. Seaver described the combination with Anduril as "the best possible outcome for the company's mission, potential, and the future of American defense," and said Dive had shown "amazing growth over the past two years."
Tim Burke, CEO and Managing Director of Mill Town Capital, called Dive "a great entrepreneurial and operational success story," noting the firm had worked alongside the team since its inception. Sam Russo, Co-Founder and COO/CSO of Dive, said the company went from a novel idea to a category pioneer in AUVs in about three years, crediting investor support, including help building company infrastructure and a technical relationship with Virginia Tech. Russo said Dive looks forward to "further bolstering our ambitious maritime vision" within Anduril.
Dive partnered with Virginia Tech's Center for Marine Autonomy and Robotics, led by Dr. Dan Stilwell, to develop several key components of its AUV fleet. James Ramey, Managing Director and Fund Manager at VTC Ventures, said the Dive investment reflects the fund's strategy of leveraging the Virginia Tech and Carilion Clinic ecosystems to back fast-growing businesses targeting large markets.
Dive's AUVs emphasize payload flexibility, low-cost operations, and long endurance alongside market-leading autonomy, and are designed for littoral and deep-water survey and inspection. According to the announcement, the platform can be reconfigured and scaled for mission-specific needs, making it applicable across a range of defense and commercial uses.
Tanis led Dive's most recent fundraising round in 2020 and its managing director, Jack Seaver, served as Dive's outside board director. Mill Town Capital provided the first institutional funding to Dive in 2018 and participated in each equity round, with VTC Ventures joining Tanis and Mill Town in their investments. Seaver described the combination with Anduril as "the best possible outcome for the company's mission, potential, and the future of American defense," and said Dive had shown "amazing growth over the past two years."
Tim Burke, CEO and Managing Director of Mill Town Capital, called Dive "a great entrepreneurial and operational success story," noting the firm had worked alongside the team since its inception. Sam Russo, Co-Founder and COO/CSO of Dive, said the company went from a novel idea to a category pioneer in AUVs in about three years, crediting investor support, including help building company infrastructure and a technical relationship with Virginia Tech. Russo said Dive looks forward to "further bolstering our ambitious maritime vision" within Anduril.
Dive partnered with Virginia Tech's Center for Marine Autonomy and Robotics, led by Dr. Dan Stilwell, to develop several key components of its AUV fleet. James Ramey, Managing Director and Fund Manager at VTC Ventures, said the Dive investment reflects the fund's strategy of leveraging the Virginia Tech and Carilion Clinic ecosystems to back fast-growing businesses targeting large markets.
Dive's AUVs emphasize payload flexibility, low-cost operations, and long endurance alongside market-leading autonomy, and are designed for littoral and deep-water survey and inspection. According to the announcement, the platform can be reconfigured and scaled for mission-specific needs, making it applicable across a range of defense and commercial uses.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.