Kraken Technology Group, the British-founded maritime defence company, has today announced the close of a $175m Series B funding round at a $1bn valuation, led by Digital Transformation Capital Partners (DTCP).

We've been proud backers of Kraken since August last year, drawn to their conviction that the maritime domain needed exactly the kind of fast, mission-ready uncrewed vessels they set out to build.

Since then, Kraken has gone from early conviction to contracts with 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 built manufacturing partnerships spanning Germany (Rheinmetall), the US (Anduril Industries) and Canada (Inocea's Davie Shipbuilding) - with further partnerships in the Middle East and Indo-Pacific regions to be announced soon.

This new capital will accelerate Kraken's rapid capability development and international manufacturing expansion. Few teams execute at this speed - huge congratulations to Mal Crease and the team. Excited for what's next.

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