202421 Feb

Hadrian Automation's CEO wants to defy history and revitalize American industry

Summary

So it was that in 2019, with $6,000 dollars in his pocket and a single close contact in the United States an uncle, who lived in Texas Power emigrated from his native Australia to San Francisco.I literally moved over here because I had this thesis that the U.S. industrial base was in massive decline, he said in a recent interview. Power says he spent around two months in a hotel room in Texas cold-calling hundreds of manufacturers to figure out the most tractable problem he could target.I basically stumbled into aerospace and defense and realized that there is a couple of really interesting dynamics, he said. Power said the company is focused on automating the core, labor-intensive steps that start when the customer orders a part to that part being shipped which includes programming the CNC cutting and inspection machines but extends well beyond that, to many other aspects of factory operations: scheduling, task management, paperwork.The idea is to leverage software as much as possible up to around 80-90%, and leave the rest to humans, possibly forever; according to Power, this strategy still gives humans what are essentially superpowers without having to wait years to solve the hardest problems.You dont want everything to be a science project, he said. Twelve months after launching to customers, Power said the company is well above $20 million in revenue.The startup has since become one of the buzzier amongst its cohort, which can broadly be defined as those operating under the banner of American Dynamism, a phrase coined by a16z investor (and Hadrian board member) Katherine Boyle. In the background of the business growth with its current customers, Power said the company started seeing a flood of interest in multiyear production contracts from aerospace primes and Tier 1s.As a result, Power started fundraising a venture round last fall, which ballooned as strategic customers put in additional capital and the company secured around $25 million in debt financing for equipment and expansion.

Source: Techcrunch

Funding

$92M
Amount
Feb 21 2024
Date
-
Investor
Hadrian
Company

Classifications

Companies