Kraken Technologies was incubated within Octopus Energy and offers a cloud-based platform that uses artificial intelligence to streamline customer billing, smart-meter integration, and home-battery management for energy suppliers. The system currently serves 70 million customer accounts, illustrating substantial commercial adoption. Last month the business was valued at $8.65 billion after Octopus Energy sold a $1 billion stake to a syndicate of investors ahead of Kraken’s planned spin-out. Founder Greg Jackson has indicated there is “every chance” the company will pursue a public listing in the medium term, weighing venues in London and the United States. Post-spin, Kraken aims to accelerate growth as a standalone entity while maintaining its UK roots. The firm positions itself as critical infrastructure for modern energy retailers, promising lower operating costs and improved service quality through automation. Support from high-profile backers, including Octopus Ventures and the British Business Bank, bolsters Kraken’s balance sheet as it eyes further international expansion.

Total raised

$1.0B

Funding rounds

2

Latest round

Equity

Latest activity

Jan 2026