Maritime defence startup Kraken Technology hits unicorn status

British-founded maritime defence startup Kraken Technology today said it had achieved unicorn status. The startup, founded in 2020 by former speedboat racer Mal Crease, said it had raised $175m in a Series B funding round at a $1bn valuation, according to a press release.

The funding round was led by Digital Transformation Capital Partners (DTCP), with support from the British Business Bank, NATO Innovation Fund (NIF), Rheinmetall, Inocea group as well as VC firms Hico Ventures, Thesiger Capital, and BOKA Capital.

Kraken designs and builds autonomous maritime platforms, such as uncrewed subsurface vessels, for military and security purposes.

Its tech is used by NATO, the UK Ministry of Defence and the US Navy. It also counts US defence outfit Anduril as a partner. It says it will use the funding to develop its uncrewed surface vessel while expanding manufacturing facilities.

Crease, CEO, said: “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."