Overview
The British Business Bank is making its largest direct investment of £25 million into Kraken Technologies, a spinout from Octopus Energy. Kraken, which provides AI technology for energy companies, has already generated significant revenue through licensing deals. This investment aims to support the growth of UK tech sector scaleups, addressing the challenges they face in securing funding. The deal highlights the government's commitment to backing homegrown innovators.
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Investors: British Business Bank
The British Business Bank is making its largest direct investment of £25 million into Kraken Technologies, a spinout from Octopus Energy. Kraken, which provides AI technology for energy companies, has already generated significant revenue through licensing deals. This investment aims to support the growth of UK tech sector scaleups, addressing the challenges they face in securing funding. The deal highlights the government's commitment to backing homegrown innovators.