Kraken Robotics

Kraken Robotics (formerly Kraken Sonar Inc) is a Canadian marine technology company that provides 3D acoustic ocean imaging solutions and services using underwater sensors, batteries, and robotic systems. The company has offices in the Americas and Europe. Following the acquisition of PanGeo Subsea in 2021, the company was renamed "Kraken Robotics Services" and began offering subsea robotics-as-a-service (RaaS) capabilities, including geophysical and sonar surveys.

The company uses Synthetic Aperture Sonar (SAS), an underwater imaging technology that provides ultra-high-resolution images with superior coverage rates to enhance seafloor surveys. The company offers a wide range of products for underwater survey and exploration: 1) AquaPix MINSAS (SAS); for high-resolution seafloor imaging and 3D bathymetry up to 6,000 m; 2) KATFISH (Towed SAS Vehicle) for depths up to 300 m; 3) SeaPower (Pressure Neutral Battery) for extended AUV endurance up to 6,000 m; 4) Man-Portable SAS (Portable Synthetic Aperture Sonar) for compact, low-logistic surveys up to 300 meters; 5) Sub-Bottom Imager and Acoustic Corer for subsea surveys at depths of 8 meters and 40 meters or more, respectively.

In 2022, Kraken received approximately CAD 7 million (~USD 5 million) in orders for its SAS product, up ~133% YoY.

Key customers and partnerships

In April 2020, Kraken Robotics partnered with Greensea Systems, developer of OPENSEA, an open-architecture robotics platform, to use the OPENSEA platform to support development, integration, and testing work with Kraken across multiple Kraken technology platforms.  

The company's customers and other partners include the European Research Institute, N-Sea, Government of Canada, Canada's Ocean Supercluster, Naval Sea Systems Command, Government of Australia, Cellula, ConocoPhillips, Deme Group, and others.

Funding and financials

In May 2024, Kraken Robotics closed its previously announced CAD 20 million (USD 14.7 million) equity financing round led by Cormark Securities. The funds raised were used to enhance the company's long-term strategy, strengthen the company's balance sheet in anticipation of future large-scale projects and for general corporate purposes. In November 2022, the company entered an R&D contract with a global energy company, committing to provide CAD 8 million (~USD 6 million) in cash funding to Kraken's Brazilian subsidiary over a three-year period. In August 2020, Kraken Robotics secured a non-refundable financial contribution of CAD 2,909,891 (~USD 2,130,600) from Canada's National Research Council's Industrial Research Assistance Program (NRC-IRAP). This funding, spanning a 26-month project period, was to be used to develop Kraken's ThunderFish XL Autonomous Underwater Vehicle (TFXL AUV) designed for seabed operations. 

The company reported revenue of CAD 40.9 million (~USD 30 million) in 2022, up 60% YoY. Adjusted EBITDA for 2022 was CAD 5.3 million (~3.9 million), marking a 152% YoY increase. For 2023, the company expects revenue to be in the CAD 66 million–78 million (~USD 48 million–57 million) range and adjusted EBITDA in the CAD 12 million–17 million (~USD 9 million–12 million) range.