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January 10, 2024

Groton’s ThayerMahan raises $20M for growth in autonomous maritime surveillance tech

Contributed ThayerMahan Chairman and CEO Mike Connor.

Groton-based ThayerMahan, a maker of autonomous maritime surveillance technology, announced it has raised $20 million in new funding after experiencing significant sales growth over the past three years, particularly in the offshore energy and national security sectors.

The recent funding round, which was led by South Korean investment firm Hanwha Asset Management, follows a $30 million fundraise the company announced in April 2023. 

Existing investors  including MC2 Security Fund, AE Industrial Partners, I Squared Capital, and Yellow Sub Funding  also participated in the recent funding round. 

Founded in 2016, ThayerMahan’s products and services are used to detect marine mammals, mitigate offshore construction noise, and deliver a wide range of undersea detection and security services using underwater acoustics, artificial intelligence and remotely piloted systems, the company said. 

ThayerMahan Chairman and CEO Mike Connor said his company and Hanwha Asset Management have a "shared vision for how emerging acoustic and AI technologies can advance maritime commerce and the global Blue Economy." 

In November, ThayerMahan announced it was awarded a $19.3 million contract by the federal Department of Defense  to continue developing its autonomous maritime sensing technology.

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