British Drone-Boat Maker Kraken Becomes Europe’s Newest Defense Unicorn
British maritime defense startup Kraken Technology Group has reached unicorn status after raising $175 million in a Series B funding round that valued the company at $1 billion, the company announced earlier this week.
The company, founded in 2020 by former speedboat racer Mal Crease, develops autonomous maritime platforms for military and security missions.
The funding round was led by Digital Transformation Capital Partners and backed by the British Business Bank, NATO Innovation Fund, German defense firm Rheinmetall, Inocea Group, and venture capital firms including Hico Ventures, Thesiger Capital and BOKA Capital.
Kraken said the investment will support development of its uncrewed surface vessels, payload systems and expanded manufacturing capacity.
Kraken produces autonomous vessels including the K3 Scout, K5 Kraken and K7 Sabre surface platforms, as well as the K4 Manta, a hybrid surface and subsurface vehicle designed for covert operations.
The funding comes shortly after the Royal Navy conducted a first-of-its-kind trial by airdropping Kraken’s K3 Scout unmanned vessel from an A400M transport aircraft at 1,300 feet during Project Beehive exercises. The company said the demonstration showed the ability to rapidly deploy maritime drones without requiring traditional ports or support 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,” Mal Crease, founder and CEO of Kraken Technology Group said.
The Series B round comes after Kraken secured contracts with the U.K. Ministry of Defence, NATO European partners and U.S. Special Operations Command.
The company said it also plans to grow its international production network in the Middle East and Indo-Pacific as demand for low-cost, autonomous maritime systems increases.
