Kraken Sonar Begins Trading Today
The graphic illustrates the difference in image quality of a 20 meter towrope lying on the seabed (Image courtesy of Kraken Sonar)
Kraken Sonar Inc. announced the start of trading today at the opening of the TSX Venture Exchange, following the previously announced acquisition of all of the issued and outstanding shares of Kraken Sonar Systems Inc., constituting the qualifying transaction of the company, and subsequent name change.
Kraken was founded in 2012 with the objective of commercializing a software-centric version of Synthetic Aperture Sonar (SAS) technology, to compete with more hardware-dependent and expensive SAS solutions. These legacy SAS systems were seen as the domain of global defense contractors using SAS for military surveillance purposes to detect seabed mines or other types of unexploded ordnances. SAS is the next generation of sonar, following side scan sonar and multi-beam echo sounders, which while capable of producing high resolution images of objects on the seabed, only do so at short range. SAS, on the other hand, is capable of producing ultra-high resolution imagery at long ranges, which can be more than ten times the range of conventional side scan sonar.
“We have emerged as a leading supplier of advanced sonar technology, and today count international navies and defense contractors among our customers,” said Karl Kenny, President and CEO. “Being publicly traded is a fundamental step for our company, giving us access to growth capital in step with our strategic plan.”
Over a period of two years, financed mainly by the founder, Kraken’s team of engineers and scientists have produced, validated through sea trials and sold SAS systems to several defense contractors and commercial companies for advanced seabed survey. Kraken’s technology was selected by Defence Research and Development Canada for deployment in the Franklin Expedition search of 2014, earning recognition from scientists and government agencies for its differentiation and performance in producing images of the Arctic seafloor that were unprecedented in their clarity and accuracy.
February 2024
