{"id":58080,"date":"2023-06-14T00:00:00","date_gmt":"2023-06-14T00:00:00","guid":{"rendered":""},"modified":"2024-01-19T12:23:24","modified_gmt":"2024-01-19T17:23:24","slug":"kraken-robotics-a-global-marine-technology-company-that-helps-explore-and-defend-the-worlds-oceans","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/kraken-robotics-a-global-marine-technology-company-that-helps-explore-and-defend-the-worlds-oceans\/","title":{"rendered":"Kraken Robotics: A Global Marine Technology Company That Helps Explore and Defend the World&#8217;s Oceans"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\">\n\t\t\t\t\t\t\t<span>Entrepreneur<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Kraken Robotics: A Global Marine Technology Company That Helps Explore and Defend the World&#8217;s Oceans<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Diane Amato<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-06-14T124016.744.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"Kraken Robotics\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-06-14T124016.744.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-06-14T124016.744.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Untitled-design-2023-06-14T124016.744.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Kraken Robotics: A Global Marine Technology Company That Helps Explore and Defend the World&#8217;s Oceans &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/kraken-robotics-a-global-marine-technology-company-that-helps-explore-and-defend-the-worlds-oceans\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/kraken-robotics-a-global-marine-technology-company-that-helps-explore-and-defend-the-worlds-oceans\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published June 14, 2023 \u2022 6 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p><a href=\"http:\/\/krakenrobotics.com\/\" target=\"_blank\" rel=\"noopener\">Kraken Robotics<\/a> launched in 2012 with the intention of bringing Synthetic Aperture Sonar (SAS) \u2014 a revolutionary underwater imaging technology that provides ultra-high-resolution imagery \u2014 to the defence and commercial markets more effectively and efficiently. \u201cUp until then, SAS was extremely costly, making it almost impossible for industry operators to own. With this in mind, Kraken set out to make a commercially viable SAS that offered the highest resolution sonar commercially available at the lowest cost per pixel,&#8221; explains Greg Reid, Kraken&#8217;s President and CEO, in a recent conversation.<\/p>\n\n\n\n<p>Now the world-leading innovator of SAS, Kraken Robotics is executing its vision of transforming the future of subsea intelligence, enabling their clients to explore, power and protect the planet by integrating SAS into its KATFISH system. Kraken&#8217;s SAS technology, which is 10 times the resolution of traditional underwater sonar technology, allows for scanning the seabed, providing the widest coverage and highest resolution possible. \u201cOur technology is very efficient, and the images are very high-resolution \u2014 so we can complete work for our clients in a far quicker period of time compared to previous sonar solutions. For defense customers that means underwater mines can be detected quicker, and for commercial customers it means the job is done faster, resulting in less expensive offshore boat time,&#8221; Reid adds.<\/p>\n\n\n\n<p>What started as an eight-person team a decade ago has evolved into a 250-person organization with employees based in North America, South America, and Europe, with plans to expand further across the globe.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Meeting global demand from the start<\/h2>\n\n\n\n<p>Although headquartered in Newfoundland and Labrador, Canada, the nature of Kraken&#8217;s product and service offering has meant a global presence from the outset.<\/p>\n\n\n\n<p>\u201cKraken has been a global company from the beginning, with international customers and contracts,&#8221; says Reid. \u201cGlobal demand has been driven by an increased focus on maritime defense and subsea infrastructure security and an upgrade cycle in the industry as customers move to SAS from older side scan sonar products. Better put, customers are moving from black and white TV technology to high-definition tech products. In addition, the strong growth in offshore energy and especially offshore wind, is driving demand for our sub-seabed imaging technologies as offshore wind developers need to know what is on and under the seabed before they spend large sums constructing wind turbines and subsea cable routes.&#8221;<\/p>\n\n\n\n<p>With highly sophisticated technology and a leadership position in the marine exploration sector, Kraken meets the needs of clients across the Defense, offshore energy and exploration markets.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/SBI_Image_2.jpg\" alt=\"Kraken Robotics\" class=\"wp-image-48493\" \/><\/figure>\n\n\n\n<p class=\"mar-t-qtr\">For instance, they sell to a number of NATO organizations and navies around the world. Most recently, they have delivered KATFISH systems to the Danish Navy and the Polish Navy and recently announced a contract with the Australian Navy to help them protect their shores through sub-sea mine hunting activities. In December 2022, Kraken was awarded a large multi-year contract with the Canadian Navy to supply remote mine disposal systems. They also serve clients in the offshore wind market by surveying acreage under the sea to ensure wind farms can be installed without running into existing unexploded ordinances (UXOs), large boulders or other impenetrable items that may be hidden from view.<\/p>\n\n\n\n<p>Kraken&#8217;s work across the globe has meant the development and acquisition of international teams and offices. They have a team in Brazil, for instance, where developers create software that enables underwater inspection and the surveying of the ocean. They also acquired a company in Germany, which enables them to offer pressure-tolerant battery technology for subsea equipment. They have a team in Scotland focused on offshore services, a manufacturing facility in Germany and sales and customer support teams in Denmark, Canada and the U.S.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Accessing financing solutions to enable a progressive expansion<\/h3>\n\n\n\n<p>Positioned as a technology- and thought-leader in the industry, and with ambitious plans to grow their offering and expand reach, Kraken has experienced 50%+ year over year growth for several years. As they identify and serve new markets across the globe, RBCx \u2014 the tech and innovation arm of RBC that helps tech companies scale &#8211; has played a meaningful role in their ability to approach prospective clients and deliver on new contracts. \u201cKraken has grown again and again with the support of RBC,&#8221; says Joe Mackay, Kraken&#8217;s CFO.<\/p>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block inner-section-grey section-inner\" style=\"border-radius:0x\">\n<p>RBCx backs some of Canada\u2019s most daring tech companies and idea generators. They turn their experience, networks, and capital into a competitive advantage to help drive lasting change. Learn about RBCx\u2019s&nbsp;<a href=\"https:\/\/www.rbcx.com\/banking\/\" target=\"_blank\" rel=\"noreferrer noopener\">banking<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.rbcx.com\/capital\/\" target=\"_blank\" rel=\"noreferrer noopener\">capital<\/a>&nbsp;solutions or speak with an RBCx&nbsp;<a href=\"https:\/\/www.rbcx.com\/technology-advisors\/\" target=\"_blank\" rel=\"noreferrer noopener\">Technology Advisor<\/a>&nbsp;to learn more about how they can help your business grow.<\/p>\n<\/div>\n<\/section>\n\n\n\n<p class=\"mar-t-qtr\">Financing and risk mitigation solutions have been crucial to Kraken&#8217;s ability to expand. Large defence orders, for instance, can range in the tens of millions of dollars and may require significant inventory and human capital. \u201cSo, we require the working capital to get the resources and materials and to execute on the order,&#8221; says MacKay.<\/p>\n\n\n\n<p>Letters of Credit, provided by RBC, also offer essential financial support and help Kraken monitor the risk involved in taking on projects with immense size and scale. A letter of credit constitutes a promise to pay, upon receipt of goods or services, provided the terms of the letter of credit have been met. It helps protect the business by ensuring Kraken gets paid, even if the buyer refuses to pay, and enhances cash flow.<\/p>\n\n\n\n<p>\u201cFinancial support is key to us and allows us to have the ambition to go after large projects and manage the risks as we deliver those projects and invest in our growth,&#8221; MacKay further explains. Their contract with the Danish Navy, for example, was made possible with a line of credit and trade finance credit facilities provided by RBCx as well as the Standby Letters of Credit facilitated through RBC and Export Development Canada.<\/p>\n\n\n\n<p>Offering highly sophisticated and specialized hardware and software marine solutions, Kraken Robotics is successfully meeting global demand for their products, which has increased significantly \u2014 for 2023, they expect to deliver over 70% in revenue growth compared to the previous year. With the financing and international trade support offered by RBC, they are well-positioned to achieve this growth and continue to expand both their offering and their reach in the years to come.<\/p>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block inner-section-grey section-inner\" style=\"border-radius:0x\">\n<p>Our international trade specialists can help you navigate your expansion so you can Go Global with confidence.&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/business\/international-trade\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">Learn more<\/a>&nbsp;about we can help you grow your business outside Canada.<a href=\"https:\/\/discover.rbcroyalbank.com\/kraken-robotics-a-global-marine-technology-company-that-helps-explore-and-defend-the-worlds-oceans\/#rds-legal-collapsible\"><\/a><\/p>\n<\/div>\n<\/section>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-b0a6dc0e-4474-4638-b0a1-da4d617956be\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-db7731ce-847f-4417-909c-68bb9d7871ba\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Kraken Robotics: A Global Marine Technology Company That Helps Explore and Defend the World&#8217;s Oceans &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/kraken-robotics-a-global-marine-technology-company-that-helps-explore-and-defend-the-worlds-oceans\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/kraken-robotics-a-global-marine-technology-company-that-helps-explore-and-defend-the-worlds-oceans\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          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height=\"767\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1173116341.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"cargo ship at shipping dock\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1173116341.jpg 1440w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1173116341.jpg?resize=300,225 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1173116341.jpg?resize=768,575 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/04\/iStock-1173116341.jpg?resize=1024,767 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/\">\n\t\t\t\t\t\tGrow Your Business\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/the-preparation-advantage-5-things-to-consider-before-taking-your-business-global\/\" class=\"card-title h4 mar-t-0\">The Preparation Advantage: 5 Things to Consider Before Taking Your Business Global<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-b0a6dc0e-4474-4638-b0a1-da4d617956be {\n\t\theight: 20px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-b0a6dc0e-4474-4638-b0a1-da4d617956be {\n\t\t\theight: 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