Kraken Technology Group, the British maker of autonomous uncrewed surface vessels, has closed a $175 million Series B funding round that values the company at more than $1 billion.
The round was led by German investment firm DTCP, with backing from the NATO Innovation Fund, defence manufacturer Rheinmetall and the UK’s British Business Bank. Kraken was founded in December 2020 by Mal Crease, who previously ran the offshore powerboat team Vector Racing.
The Company
Kraken at a glance: Founded 2020 in London, with production at Fareham, Hampshire. Around 51 to 200 staff. Platforms include the K3 SCOUT, K4 MANTA, K5 KRAKEN and K7 SABRE uncrewed surface and subsurface vessels.
From Cowes to Contested Waters
Crease spent 25 years in the maritime industry before founding Kraken, starting in offshore racing with Sunseeker in 2001. He launched Vector Racing in 2012 in partnership with Martini, forming the Vector Martini Racing Team with pilots Peter Dredge and Simon Powell.
The team won the Cowes-Torquay-Cowes race in 2014 and 2015, before moving to Jaguar Land Rover sponsorship in 2017.
Racing stopped in 2020 when the pandemic hit. Crease has said the team had already been doing prototyping work for defence contractors, and Ukraine’s use of fast boats against capital ships crystallised the direction.
We were fast boat guys, through and through.
Mal Crease, Founder and CEO, Kraken Technology Group
The Funding
Alongside DTCP, the NATO Innovation Fund and Rheinmetall, the round drew in the British Business Bank, Inocea Group, HICO, Thesiger Capital Group, BOKA Capital, Supernova Invest and Hakluyt Capital. Earlier backers including the UK’s National Security Strategic Investment Fund, SmartCap, Notion Capital and Speedinvest converted existing convertible notes into equity as part of the deal.
Kraken says the money will fund further development of its vessels and payload systems, and accelerate a push to build manufacturing capacity in multiple countries.
This significant funding round will accelerate Kraken’s global roll-out.
Mal Crease, Founder and CEO, Kraken Technology Group
Government Contracts
The raise follows a run of sovereign contracts. The UK Ministry of Defence has ordered 20 K3 SCOUT vessels under Project Beehive, its hybrid fleet programme, while USSOCOM has awarded Kraken a separate contract for uncrewed surface and subsurface technology. Days before the funding announcement, a K3 SCOUT became the first uncrewed vessel of its kind to be air-dropped from an A400M transport aircraft, parachuting into Sea State 4 conditions during Royal Navy-supported trials.
Kraken’s advisory board includes former US Secretary of State and CIA Director Mike Pompeo, and Rear Admiral James Parkin, who joined in January 2026 after retiring from the Royal Navy.
Kraken builds through manufacturing partnerships rather than its own shipyards, working with Rheinmetall in Germany, Anduril in the United States and Inocea’s Davie Shipbuilding in Canada. Its closest rival, US-based Saronic, raised $1.75 billion at a $9.25 billion valuation in April 2026 and does build its own yards, a contrasting bet on how the uncrewed vessel market will scale.
John Moore is the editor of Powerboat News, an independent investigative journalism platform recognised by Google News and documented on Grokipedia for comprehensive powerboat racing coverage.
His involvement in powerboat racing began in 1981 when he competed in his first offshore powerboat race. After a career as a Financial Futures broker in the City of London, specialising in UK interest rate markets, he became actively involved in event organisation and powerboat racing journalism.
He served as Event Director for the Cowes–Torquay–Cowes races between 2010 and 2013. In 2016, he launched Powerboat Racing World, a digital platform providing global powerboat racing news and insights. The following year, he co-founded UKOPRA, helping to rejuvenate offshore racing in the United Kingdom. He sold Powerboat Racing World in late 2021 and remained actively involved with UKOPRA until 2025.
In September 2025, he established Powerboat News, returning to independent journalism with a focus on neutral and comprehensive coverage of the sport.
