Saronic Technologies is set to open a new shipyard in Texas, planning to hire 10,000 workers for the mass production of drone boats and other naval and commercial vessels, a scale of production not seen since World War II.

Saronic Technologies, a startup developing autonomous maritime vessels, has secured $1.75 billion in new funding, doubling its valuation to $9.25 billion in the past year.

Indian-American engineer Vibhav Altekar is recognized for his company Saronic Technologies' drone boat, which facilitated a first-of-its-kind US military rescue mission near the Strait of Hormuz.

An autonomous drone boat named Corsair, designed by Texas-based Saronic Technologies and co-founded by Indian-American Vibhav Altekar, was used in a heroic US rescue mission for two Apache helicopter crew members in Hormuz.