Select audience

Choose the option that best describes your role.

Search British Business Bank
Popular Search placeholder

British Business Bank invests £27m in maritime defence company, Kraken Technology

Press release 09 July 2026

The British Business Bank has invested £27 million in Kraken Technology Group Limited, the UK maritime defence technology company that specialises in uncrewed autonomous maritime platforms, as part of the company's £130 million Series B funding round.

This reflects the Bank’s accelerating investment focus on the defence sector, one of the eight priority areas outlined in the Government's Industrial Strategy. It also continues a strong relationship with the National Security Strategic Investment Fund, which first backed Kraken Technology in 2025. Other recent Direct Equity investments from the Bank include SatVu, the UK-based satellite thermal intelligence company, and Hadean, whose AI-powered simulation technology supports defence planning and training.

The funding round was led by Digital Transformation Capital Partners and supported by Rheinmetall, NATO Innovation Fund, Inocea Group and venture capital firms HICO, Thesiger Capital Group, BOKA Capital, Supernova Invest and Hakluyt Capital.

The fundraise will support Kraken’s continued development of its uncrewed surface vessels and payload capabilities, while rapidly expanding localised manufacturing facilities around the world.

Charlotte Lawrence, Managing Director of Direct Equity at the British Business Bank, said,

Kraken is at the forefront of a crucial shift towards autonomous maritime vehicles. The company has developed a suite of high-performance systems that are being deployed today and can be produced at scale. By backing Kraken, we strengthen Europe’s sovereign defence capability while supporting the growth and long-term success of a high-potential British scale-up.

George Mills, Senior Investment Director, Direct Equity at the British Business Bank, said:

Kraken has proven technology and now needs capital to scale globally. Autonomous maritime vehicles have both defence and civilian potential and it’s exciting that a UK company is in a position to lead this market globally. This investment will accelerate Kraken’s growth while anchoring this important technology to the UK.

Mal Crease, Founder and CEO of Kraken Technology Group Limited, said:

Kraken is excited to be partnering with DTCP, leading such a prestigious group of European and international investors. 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.

Further Information

If you are a journalist and have a media enquiry, please contact [email protected].

Notes to editors

About British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive economic growth by helping smaller businesses get the finance they need to start, scale and stay in the UK. In doing so, we help capture the economic value of innovation for the UK and create jobs and prosperity for people across the country.    

The British Business Bank’s core programmes support £23bn 1  of finance to almost 64,000 2  smaller businesses.  

British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at british-business-bank.co.uk.    

British Patient Capital Limited is registered in England and Wales with company number 11271076, and registered office at Steel City House, West Street, Sheffield, S1 2GQ. British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.

About Kraken Technology Group

With a unique offshore racing history and DNA, Kraken Technology Group was founded in 2020 to meet the growing requirement for modular, scalable and affordable maritime defence capabilities. A British company, Kraken has expanded cross-continent and is now producing and exporting its proven platforms to NATO countries globally. Kraken’s current range includes K3 SCOUT, K5 KRAKEN, and K7 SABRE uncrewed surface vessels, as well as the K4 MANTA uncrewed surface/subsurface platform. Kraken’s facilities are each able to produce up to 1000 units per year in support of allied maritime requirements.

Quick links

Latest news