Mal Crease's Kraken Technology reaches $1 billion valuation with $175 million Series B
The British maritime defense startup says DTCP led the round as it expands uncrewed vessel production for allied navies.
By Ryan Merket ยท Published
Why it matters
Kraken's round shows defense investors are funding production capacity, not just autonomy demos, as allied navies look for cheaper maritime mass.
Mal Crease, the former speedboat racer who founded British maritime defense startup Kraken Technology Group in 2020, said the company raised $175 million in a Series B at a $1 billion valuation, according to Tech.eu and a July 9 company announcement.
The round was led by Digital Transformation Capital Partners (DTCP), with participation from the British Business Bank, NATO Innovation Fund, Rheinmetall, Inocea Group, HICO Ventures, Thesiger Capital and BOKA Capital, per Tech.eu. Kraken says it will use the funding to develop its uncrewed surface vessel program and expand manufacturing facilities.
"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," Crease said in the announcement reported by Tech.eu.
Kraken designs and builds autonomous maritime platforms for defense and security missions, including uncrewed surface and subsurface vessels. Tech.eu reports its technology is used by NATO, the UK Ministry of Defence and the US Navy. Kraken also lists Anduril as a partner.
NATO's 2025 Alliance Maritime Strategy highlights how AI and autonomous, uncrewed systems are reshaping maritime security and calls for timely, cost-effective capabilities and greater industrial capacity. Kraken's focus on uncrewed platforms and manufacturing expansion matches that shift in allied procurement.
Kraken is entering a market where larger maritime autonomy players are scaling quickly. Saronic Technologies announced a $1.75 billion Series D at a $9.25 billion valuation in March 2026. Saildrone unveiled Spectre, a 52-meter unmanned surface vessel for naval operations, in April 2026, with construction slated through Fincantieri and sea trials expected in early 2027.
The valuation gives Kraken capital and more signal with allied buyers, but the next proof point is delivery at scale: repeatable production, durable field performance and contracts large enough to justify unicorn pricing in a procurement cycle that still moves slowly.