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Private companiesTracked

Vatn Systems

Portsmouth, Rhode Island · Founded 2023

Vatn Systems builds low-cost, modular autonomous underwater vehicles for the U.S. military, allied navies and commercial customers. Its line runs from the 6-inch Skelmir S6 to the 12.75-inch Skelmir S12, which serves as an AUV or a lightweight torpedo.

Profile

What it builds and who buys it

  • ·The Skelmir S12 can be deployed from submarines, surface vessels and aircraft, and serves as a torpedo, a sensor platform or an electronic warfare vehicle.Vatn (company release), May 12, 2025
  • ·In May 2025 the company opened a manufacturing facility that it says can produce up to 2,000 vehicles a year.Vatn (company release), May 12, 2025
  • ·It has a partnership with Palantir to digitize its manufacturing process.Vatn (company release), May 12, 2025
  • ·Its first international contract was in Singapore, and it works with the U.S. Navy and Marine Corps.Marine Technology News, Dec 10, 2025
  • ·It launched SIGURD, a mine countermeasures system built on the Skelmir S6, in July 2026. SIGURD won a prize in the Defense Innovation Unit’s Mine Counter Measure Modernization Prize Challenge in October 2026.Vatn (company release)
  • ·It also sells hydrophone arrays, a GPS-denied inertial navigation system and mission planning and sensor fusion software.Vatn (company site)
  • ·Its Series A investors include Hanwha, Airbus Ventures, SAIC Ventures and Lockheed Martin Ventures.The Defense Post, Dec 17, 2025

Founders and leadership

  • Nelson MillsChief executive and co-founder

    Led hull development at the electric boat maker Pure Watercraft, then was an investor at Link Ventures after roles at Lux Capital and Global Founders Capital. He holds a BA and an MBA from Columbia University.Vatn (company site)

  • Freddie MillsChief operating officer and co-founder

    Ran Mills Composites & Salvage, directing maritime R&D programs for government, commercial and private clients.Vatn (company site)

  • Geoff ManchesterChief technology officer and co-founder

    A mechanical engineer and mariner who was director of engineering at Koop for a decade, developing hydrofoiling electric boats and submersibles.Vatn (company site)

Funding

Last valuation

No citable valuation

Last round or tender

$60Mraised

Series AMarine Technology News, Dec 10, 2025

Led by BVVC, with new investors including Hanwha, Geodesic Capital, Airbus Ventures, Dauntless Ventures, Trousdale Ventures and Veteran Ventures Capital, and existing investors including DYNE Ventures, Decisive Point Ventures, SAIC Ventures and Lockheed Martin Ventures. Total funding was put at $76.5 million. No valuation was stated.

Latest revenue figure

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Valuation to revenue

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Post-money valuation by round

Fewer than two dated figures on file to plot; the table carries what there is.

DateRoundRaisedPost-money
Dec 10, 2025Series ALed by BVVC, with new investors including Hanwha, Geodesic Capital, Airbus Ventures, Dauntless Ventures, Trousdale Ventures and Veteran Ventures Capital, and existing investors including DYNE Ventures, Decisive Point Ventures, SAIC Ventures and Lockheed Martin Ventures. Total funding was put at $76.5 million. No valuation was stated.$60M—
Nov 12, 2024SeedLed by DYNE Ventures, with Lockheed Martin Ventures, RTX Ventures, In-Q-Tel, Propeller Ventures, SAIC Ventures, Cubit Capital, Fortitude Ventures and existing investors. The company put its total funding at $16.5 million. A Form D for an equity offering begun October 9, 2024 records $15.5 million sold to 38 investors, and does not name the round. No valuation was stated.$13M—

Primary capital across the rounds on file: $73M

Revenue

No citable revenue figure on file.

Secondary venues

  • Caplightpublic page seen Oct 15, 2026

    No price on the public page.

    Listed under the slug vatnsystems. No public MarketPrice. Historical pricing is behind a login.

  • Nasdaq Private Marketpublic page seen Oct 15, 2026

    No price on the public page.

    The page shows no figure in its text or its title.

A venue is listed when its public page named the company on the date shown. A price is the figure that page showed, under the venue’s own name for it and dated as the venue dated it; it is a level the venue publishes, not a trade. Nothing is recorded from behind a login.

Reads

Tracked only. No read has been prepared for this company; the figures above are the record.

Sources

Researched Oct 15, 2026