Autonomous ship startup Kraken raises $175M at $1B valuation

British defense startup Kraken Technology Group Ltd. said today it raised $175 million in Series B funding at a $1 billion valuation. Private equity firm DTCP led the round with participation from the U.K. government's British Business Bank, the NATO Innovation Fund and more than a half-dozen other investors. Kraken makes autonomous ships including the 36-foot K5 Kraken, which operates without a crew and has a top speed of 50 knots. The company said the vessel can stay at sea for up to a month and cover 1,000 nautical miles. Operators can pilot the K5 remotely or use an onboard autonomy system that relies on radar and sonar sensors. The company also offers the 18-foot K4 Manta, which can dive more than 30 feet, and the compact K3 Scout, which can be deployed from the air. The funding follows a shipbuilding partnership announced a few weeks ago with Anduril Industries Inc. to manufacture the K5 and an upcoming long-range vessel called the K7 in the U.S. Kraken said it plans to announce more manufacturing partnerships soon. Founder and Chief Executive Officer Mal Crease said the funding will accelerate the company's global roll-out and enable deployment of mission-ready capabilities for NATO and its partners.