British-founded maritime defence company Kraken Technology Group has closed its Series B funding round, raising $175 million at $1 billion valuation.
The raise will support Kraken’s continued development of its uncrewed surface vessels and payload capabilities, while also expanding localised manufacturing facilities around the world.
The Series B round follows a successful year for Kraken, during which it secured several contracts from the UK’s Ministry of Defence, NATO European partners and USSOCOM.
The company also has developed several manufacturing partnerships to support global supply and localised production presence, including in Rheinmetall, Germany, Anduril Industries in the United States and Inocea’s Davie Shipbuilding in Canada.
Kraken is currently lining up further partnerships in both the Middle East and Indo-Pacific regions.
Uncrewed vessels
“This significant funding round will accelerate Kraken’s global roll-out, enabling the deployment of hardened, reliable, mission-ready capabilities for NATO and its worldwide partners at an unprecedented scale in the maritime domain,” said Mal Crease, founder and CEO of Kraken Technology Group.
The round was led by DTCP and supported by other British and European backers.
“The maritime domain is profoundly under-invested and Kraken has taken a leading role in bringing affordable, mission-critical high-speed uncrewed vessels to the market in a very short time,” said Ole Aguirre, partner at DTCP.
“Kraken genuinely understands the unique challenges around high-sea-state robotic operations and swiftly responded to NATO requirements, delivering immediate ‘mission-first’ maritime capabilities to secure our waters, our shores and our offshore installations.
