Kraken Technology raises Series B funding for autonomous vessels

Kraken Technology has developed modular maritime platforms for defense use.

Kraken has developed modular maritime platforms for defense use. Source: Kraken Technology

Autonomous vehicles are proliferating, particularly in maritime and defense applications. Kraken Technology Group Ltd. this month raised $175 million in Series B funding to reach a valuation of $1 billion. Digital Transformation Capital Partners GmbH, or DTCP, led the investment.

“Kraken is excited to be partnering with DTCP, leading such a prestigious group of European and international investors,” stated Mal Crease, founder and CEO of Kraken Technology. “This significant funding round will accelerate Kraken’s global rollout, enabling the deployment of hardened, reliable, mission-ready capabilities for NATO and its worldwide partners at an unprecedented scale in the maritime domain.”

With a background in racing, Kraken builds autonomous maritime platforms including the K3 SCOUT modular uncrewed surface vessel (USV), the K4 MANTA stealthy uncrewed subsurface vessel (USSV), and the K5 Kraken high-payload USV. Founded in 2020, the company — not to be mistaken for Kraken Robotics — is based in Fareham, U.K.

Kraken Technology secures contracts, builds global supply chain

Kraken Technology noted that its Series B round followed a year in which it successfully secured several contracts from the U.K. Ministry of Defence, NATO European partners, and USSOCOM (U.S. Special Operations Command). The company’s platforms have been deployed in support of multiple ongoing conflicts.

Its USVs and USSVs are capable of data collection, precision strikes, logistics, and anti-submarine warfare.

In addition, Kraken cited several manufacturing partnerships to support global supply and localized production presence, including Rheinmetall in Germany, Anduril Industries in the U.S., and Inocea’s Davie Shipbuilding in Canada. The company said it plans to announce similar partnerships in both the Middle East and Indo-Pacific regions.

Funding to accelerate USV deployment

In addition to DTCP, other British and European backers included the British Business Bank, NATO Innovation Fund (NIF), Rheinmetall, and Inocea Group.

“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, a 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.”

Other participants in Kraken Technology’s Series B round included HICO, Thesiger Capital Group, BOKA Capital, Supernova Invest, Hakluyt Capital, NIF, the U.K.’s National Security Strategic Investment Fund, SmartCap, Notion Capital, and Speedinvest. PJT Partners acted as exclusive financial advisor, and Clifford Chance acted as legal counsel to Kraken.

The company said the funding will support the continued development of its USVs and payload capabilities while rapidly expanding production around the world.