Kraken Technologies

The UK government-owned British Business Bank has announced its largest-ever direct investment, injecting £25 million into Kraken Technologies. Kraken Technologies, an AI technology platform, was spun out from major energy provider Octopus Energy, and is already generating significant revenue through licensing deals.

Summary of transaction details:

• Value: £25,000,000
• Sector: Energy Technology, Artificial Intelligence
• Advisor: Not disclosed
• Key Entities: Kraken Technologies (Target), British Business Bank (Lead Investor), Octopus Energy (Original Parent Company)
• Location: UK

Note: This investment highlights the British Business Bank's new mandate from the Department for Business and Trade to make larger, higher-risk investments in British scaleups. This strategic move aims to bolster the UK tech sector, reduce the need for domestic companies to seek foreign capital, and foster the growth of homegrown champions in line with the Modern Industrial Strategy.