Octopus Energy, the UK’s largest household gas and electricity supplier, secured $1 billion in Kraken’s first standalone funding round, valuing the company at $8.65 billion. The round included participation from an undisclosed major Kraken customer and Daniel Sundheim’s hedge fund, D1 Capital Partners.
- Kraken Technologies develops AI-driven software for utility companies, offering a platform that manages customer accounts, billing, and energy operations.
- Its system integrates directly with existing utility infrastructure to automate workflows, optimize energy distribution, and provide real-time monitoring and analytics, enabling more efficient and data-driven management of power grids.
- Kraken is based in London and New York, with regional offices in Paris, Tokyo, and Melbourne, and collaborates with utility companies including EDF Energy, E.ON Next, Octopus Energy, Origin, Plenitude, Portsmouth Water, National Grid, and Tokyo Gas.
Details of the deal
- The funding round was led by D1 Capital Partners and also included Fidelity International, Durable Capital Partners, and Ontario Teachers’ Pension Plan Board. Current investors in Octopus Energy joined the round as well.
- Kraken plans to use the new funding to expand globally as an independent AI-powered platform for utilities, deepen partnerships with energy companies, and accelerate its role in modernizing the energy system.
