Kraken Technology Group has raised £130 million in a Series B funding round led by DTCP, with participation from British Business Bank, NATO Innovation Fund, Rheinmetall, Inocea Group, Thesiger Capital Group, BOKA Capital, Supernova Invest, Brevan Howard and Hakluyt Capital, valuing the company at £750 million. The British maritime defence startup develops uncrewed surface vessels and payload capabilities for NATO and allied naval forces.
The company's current range includes the K3 SCOUT, K5 KRAKEN and K7 SABRE uncrewed surface vessels, along with the K4 MANTA uncrewed surface/subsurface platform. Kraken's facilities are each able to produce up to 1,000 units a year, and the new funding will support continued development of these platforms alongside rapid expansion of localised manufacturing capacity around the world.
The round follows a strong year for Kraken, during which it secured significant contracts from the UK Ministry of Defence, NATO European partners and USSOCOM, with its platforms now deployed in support of multiple ongoing conflicts. The company has also established manufacturing partnerships with Rheinmetall in Germany, Anduril Industries in the United States and Davie Shipyards in Canada, and is preparing to announce similar partnerships in the Middle East and Indo-Pacific regions.
Early investors including NIF, the UK's National Security Strategic Investment Fund (NSSIF) and SmartCap, alongside VCs Notion Capital and Speedinvest, have also converted their holdings to equity following their participation in earlier funding rounds.
Kraken is excited to be partnering with DTCP, leading such a prestigious group of European and international investors. 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.
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. 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. We have high confidence in Kraken and could not be more excited about the opportunities ahead of us.
