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San Francisco, CA – A team of young engineers has secured $4.3 million in seed funding for their drone navigation technology startup, Theseus. Founded after a viral hackathon project where they developed a low-cost drone using camera-based positioning and Google Maps, Theseus aims to provide GPS-independent navigation for unmanned aerial vehicles (UAVs). The seed round was led by First Round Capital, with participation from Y Combinator and Lux Capital.
Navigating Without GPS: Theseus Tackles Drone Jamming
The impetus for Theseus arose from the critical issue of GPS jamming affecting drone operations, particularly in conflict zones like Ukraine. Currently, operators in such environments often resort to visual guidance via high-tech goggles, a method fraught with challenges in adverse conditions like dense fog or nighttime.
Hackathon Origins to Startup Success
It began on February 18, 2024, when engineer Ian Laffey shared on X (formerly Twitter) their hackathon achievement: a drone that could calculate its coordinates using its camera and Google Maps. Laffey and his collaborators, Sacha Lévy and Carl Schoeller, all engineers under 25, initially viewed the hackathon as a concluding event.
However, the social media post gained significant traction, altering their trajectories. Within 24 hours, the trio decided to apply to Y Combinator, successfully gaining acceptance into the Spring 2024 cohort.
Seed Funding Secured for GPS-Denied Drone Navigation
Their nascent company, Theseus, headquartered in San Francisco, has now announced a $4.3 million seed funding round. This financial infusion will propel their mission to refine and expand their technology for drones to operate autonomously even without GPS signals.
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Competitive Landscape in the Drone Sector
Theseus enters a dynamic drone industry alongside notable players. Skydio, focused on supplying U.S. law enforcement with alternatives to Chinese-manufactured drones, reached a valuation of $2.2 billion in 2023. Shield AI, specializing in reconnaissance UAVs, recently raised capital at a $5.3 billion valuation. Defense industry giant Anduril also entered the small drone market last year and is reportedly seeking a $28 billion valuation.
Theseus’s Focus: Enabling Autonomous Drone Flight
Unlike companies that manufacture complete drones, Theseus concentrates on developing hardware components and software solutions to equip existing and future military drones with GPS-free autonomous flight capabilities. Carl Schoeller, CEO of Theseus, clarified that their technology is strictly for navigation from point A to point B and does not incorporate targeting systems or decision-making regarding military engagement.
Moving Forward: Testing and Development
While Theseus is yet to secure contracts with the U.S. military or see battlefield deployment, the seed funding is earmarked for technology enhancement and team expansion, with three engineering positions currently open.
U.S. Special Forces Collaboration
The viral tweet did capture the attention of U.S. Special Forces, leading to a collaborative agreement for initial testing and development. Theseus recently conducted trials of their system at a classified Special Forces base, providing a photo of the demonstration to TechCrunch.
An Unconventional Beginning
Reflecting on the company’s origins, Schoeller noted on LinkedIn that launching a venture with individuals met just days prior is “generally not advised.” However, for Theseus, this unconventional genesis proved to be a worthwhile endeavor.