Ocean Infinity invests $2.3M in Kraken
Next-gen ocean survey and exploration firm and St. John’s-based marine tech company expand relationship
A next-generation offshore ocean survey and ocean exploration company that has already teamed up with Kraken Robotics Inc. on two occasions in the past year is now a part owner of the St. John’s-based marine technology firm.
Ocean Infinity acquired a 9.99 per cent stake in Kraken with a $2.3-million private placement.
Kraken president and CEO Karl Kenny said the investment represents another step in his company’s effort to build its 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,” Kraken stated in a news release.
“Ocean Infinity has clearly demonstrated their ability to apply their considerable resources and expertise to not only enter but also transform the ocean survey and exploration industry.”
The companies’ relationship goes back to last September when Kraken won a $3-million contract to integrate its patented Aquapix sonar into Ocean Infinity’s HUGIN Autonomous Underwater Vehicles.
In May of this year, Ocean Infinity committed to assisting Kraken launch its Aquapix multispectral synthetic aperture sonar (SAS), the world’s first commercial SAS to operate over such a wide spectrum, ranging from low audible frequencies to high ultrasonic frequencies. “Our relationship with Kraken represents a powerful opportunity to develop important new sensor, system and data analytics capabilities for our industry,” Ocean Infinity CEO and president Oliver Plunkett stated.
The two companies are working on a strategic alliance to promote more closely aligned co-operation in maritime robotics technology, products and services.