BOSTON–(BUSINESS WIRE)–Tanis Venture Management (“Tanis”), Mill Town Capital, and Virginia Tech Carilion Innovation Fund & Seed Fund (“VTC Ventures”) today announced the acquisition of their portfolio company, Dive Technologies, Inc. (“Dive”), a Boston, MA-based subsea robotics designer and manufacturer, by Anduril Industries, Inc., a defense technology company. Tanis led Dive’s most recent fundraising round in 2020 and served as the Company’s outside board director. Mill Town Capital provided the first institutional funding to Dive in 2018 and participated in each equity round. Tanis and Mill Town were joined in their investments by VTC Ventures.
Jack Seaver, Dive Board Director and Managing Director at Tanis, stated, “Tanis is thrilled to have worked closely with Dive as its lead investor and seen its amazing growth over the past two years. We believe merging with Anduril is the best possible outcome for the company’s mission, potential, and the future of American defense.”
Tim Burke, CEO & Managing Director of Mill Town Capital, noted, “Dive Technologies is a great entrepreneurial and operational success story. We’re proud to have worked alongside the Dive team since their inception and pleased to see how well they leveraged regional resources for support functions.”
Sam Russo, Co-Founder and COO/CSO of Dive Technologies, remarked, “We were fortunate to have strong investor support throughout the inception and growth of Dive Technologies. To go from having a novel idea to being a category pioneer in autonomous underwater vehicles (AUVs) in just three short years takes a very special team and support from a network of experts. From helping us build the infrastructure of a rapidly saleable company to forging a technical relationship with Virginia Tech, our investors were in the trenches with us and helped to make Dive a success. We look forward to further bolstering our ambitious maritime vision with Anduril Industries.”
Dive partnered with Virginia Tech’s Center for Marine Autonomy and Robotics, led by Dr. Dan Stilwell, to develop several key components of Dive’s fleet of autonomous underwater vehicles. James Ramey, Managing Director and Fund Manager at VTC Ventures, commented, “Our investment in Dive exemplifies VTC Ventures’ strategy of leveraging the Virginia Tech and Carilion Clinic ecosystems to develop partnerships with cutting-edge, fast-growing businesses that seek to disrupt large markets and solve critical challenges.”
Dive’s AUVs prioritize payload flexibility, low-cost operations, and long endurance coupled with market-leading advanced autonomy. The AUVs are tailormade for littoral and deep-water survey and inspection needs, enabling unprecedented access to the worlds’ oceans. Dive’s AUVs allow rapid configuration changes and scaling to meet mission-specific demands, resulting in a versatile platform applicable to a wide range of defense and commercial uses.
About Tanis Venture Management
Tanis Venture Management, LLC is a venture capital firm based in New York City. Co-founded by Jack Seaver, Alex Seaver, and Brad Kent, Tanis invests in early-stage companies with access to non-dilutive R&D funding and works closely with scientists and founders to commercialize cutting-edge technology in the biotech and defense industries.
About Mill Town Capital
Mill Town is a private investment group based in Massachusetts. Founded in 2016, Mill Town focuses on improving the region through impactful business investments, visible real estate projects, and broad community development efforts. Mill Town’s areas of expertise include entrepreneurial support, economic development, real estate development, and community engagement. For more information, please visit www.milltowncapital.com.
About Virginia Tech Carilion Ventures
Managed by Middleland Capital, a leader in the global agriculture technology sector, VTC Ventures is a private investment fund focused on early-stage life science and technology opportunities across the Commonwealth of Virginia and opportunities outside Virginia with a connection to Virginia Tech or Carilion Clinic. The Fund invests through two investment vehicles: the VTC Innovation Fund (Series A / B) and the VTC Seed Fund (seed stage). VTC Ventures aims to partner with exceptional management teams to commercialize innovative technologies, accelerate growth, and build long-term value. For more information, please visit www.vtcventures.com.
Contacts
Media Contact:
Sam Russo
Dive Technologies, Inc.
617.275.5500
media@divetechnologies.com
