Kraken Technology Raises $175M Series B at $1B Valuation

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Kraken Technology Group, a maritime defence company based in Fareham, England, has raised $175 million (£130 million) in a Series B round that values it at more than $1 billion. DTCP led the financing, with participation from the British Business Bank, the NATO Innovation Fund and Rheinmetall.

Kraken designs uncrewed autonomous surface vessels, with a lineup that includes the K3 SCOUT modular vessel used in NATO exercises, the K4 MANTA that operates on and below the surface, and the K5 KRAKEN gunship. Over the past year the company secured contracts from the UK Ministry of Defence, NATO partners in Europe and U.S. Special Operations Command, with platforms deployed across several ongoing conflicts.

The funding will support continued development of its vessels and payloads and the expansion of local manufacturing facilities around the world, working with partners including Rheinmetall in Germany, Anduril in the United States and Davie Shipbuilding in Canada.