Kraken Robotics Approved for C$20 Million Ocean Supercluster Project

Kraken Robotics (TSXV:PNG), a company that is principally engaged in marine robotic systems announced that the Ocean Supercluster has approved its subsidiary, Kraken Robotics Systems to move forward with its C$20 million underwater robotics data analytics project. This is part of a three-year project for analyzing seafloor imaging and marine habitat data.

As quoted in the press release:

The Ocean Supercluster will provide an investment up to a maximum of $5.9 million to the OceanVision™ project. This is subject to, among other things, finalizing additional project funding from industry stakeholders, strategic partners and government agencies. Kraken believes the project could grow as additional stakeholders, technologies and products are added to the project scope. Kraken is targeting to finalize the contracting process with all project participants by the end of Q3 2019.

Karl Kenny, Kraken’s President & CEO said, “We are both delighted and grateful for this financial support from the Ocean Supercluster for our OceanVision™ project. OceanVision™ is a unique business model, offering a combination of sensors, underwater robots, cloud computing and artificial intelligence. Under OceanVision™, clients do not need to purchase expensive data acquisition hardware and analytics. Instead, they can lease the robotic devices to acquire the ultra-high-resolution subsea data that they need. The data captured by robots across different locations can be stored in a cloud-based system and accessed by humans.”

Click here to read the full press release.