UK-based maritime technology company Kraken Technology Group (KTG) has successfully secured additional investment for its K50 precision engagement craft.

The private funding round will be used to support the development of its maritime platform. The company has plans to establish a dedicated manufacturing facility in the UK.

Developed to address the fast-growing challenges, the K50 can provide rapid response and swarmed force projection to protect national or naval maritime assets.

The platform also includes several integrated modular systems and sensors, which can deliver semi-autonomous operational capabilities.

Kraken Technology Group founder and CEO Mal Crease said: “The Kraken K50 will demonstrate unparalleled levels of performance, integration, modularity and operational capability, which addresses both expeditionary and green-water requirements.

“This investment will also allow us to establish a dedicated manufacturing facility in the UK, which will revolutionise the maritime composite design and integration process, specifically to meet increasingly localised manufacturing and assembly requirements.”

The ultra-high performance maritime craft comes in two different variants including K50A and K50B.

Design and structure of the maritime platform features advanced electric powertrain technology and has a response speed of 65kt.

KTG’s new maritime craft is a successor of motor torpedo boat, motor gun boat and patrol torpedo boat type craft.

In addition, the platform comes with a fully integrated weapon system to provide high performance and effective strike capability.

The company expects another priced investment round to take place in the coming months this year.