A Melbourne-based robotics company landed the biggest venture capital deal on the Space Coast this year, a testament to its experienced team and a sign of growing venture capital interest in the region, according to a local investor.
Tomahawk Robotics Inc. closed a $10 million venture capital round in April, according to data released in July by PitchBook and the National Venture Capital Association. Venture capital deals like this can fuel growth at companies like Tomahawk, supporting new high-wage jobs and the creation of innovative solutions other businesses can use.
It is unknown how the money will be spent. Tomahawk executives could not be reached for comment.
However, the investment deal "stands out" for the Space Coast region, Ben Patz, managing partner at Orlando-based venture capital firm DeepWork Capital LLC, told Orlando Business Journal. Patz is not involved in the deal, but he is familiar with Tomahawk and startup investment in Brevard County.
Tomahawk's $10 million deal made up the bulk of the $10.6 million invested into companies in the Palm Bay metro in the second quarter, according to PitchBook and the National Venture Capital Association. The Space Coast's heavy presence of high-tech companies, driven by Brevard County's flourishing aerospace and defense sectors, likely will draw increasing amounts of venture capital dollars, Patz said. "You’re going to see more deals of that magnitude in that area."
The 3-year-old company develops an operating system for robots. Its solution primarily is used by clients in the defense, industrial and public safety sectors. That includes the U.S. Marine Corps, which awarded Tomahawk a $4.1 million contract announced in June.
At the time, Tomahawk spokeswoman Tracey Maslow told OBJ the company is tripling its headcount year-over-year, but she declined to share how many people the firm employed. The company had 20 workers in July 2020. The company is hiring for three positions on its website, all high-wage jobs: project manager, software engineer and director of finance.
The Department of Defense's use of robotics and artificial intelligence has "intensified," National Center for Simulation Chief Operating Officer Neal Finkelstein previously told OBJ. That not only creates opportunities for companies like Tomahawk, but also creates demand for companies in Central Florida's $6 billion modeling, simulation and training industry to develop simulated 3-D environments for unmanned military systems, said Finkelstein, who served in the Department of Defense for 31 years.
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