Kraken Robotics secures $2.3 million investment from Ocean Infinity

Kraken Robotics Inc. has secured a $2.3 million private placement with Ocean Infinity, a company specializing in ocean survey and exploration. The investment will result in Ocean Infinity holding 9.99% of Kraken's issued common shares.

The placement signifies an expansion of the relationship that began in 2017, with both companies now working towards a strategic alliance. This collaboration aims to foster closer cooperation in maritime robotics technology, products, and services.

Kraken President and CEO Karl Kenny stated the investment from Ocean Infinity marks another "solid step" in building the company's maritime robotics platform. "We are excited to partner with Ocean Infinity, a current customer, as we focus our combined energies serving a broader range of customers with industry-leading solutions," Kenny said in a press release.

Ocean Infinity President and CEO Oliver Plunkett added that the relationship with Kraken presents a "powerful opportunity to develop important new sensor, system and data analytics capabilities for our industry."

Kraken Robotics will utilize the proceeds for inventory build-up and general corporate and working capital purposes. The closing of the placement is expected by the end of June 2018, pending approval from the TSX Venture Exchange.