St. John’s-based Kraken Robotics has completed a $115 million funding exercise on the TSX Venture Exchange, hitting the top of a funding range it outlined last month.

Kraken, which specializes in next-generation sonar systems and unmanned platforms to carry them, said in June it was raising $100 million in a share sale. It added that the underwriters, led by Desjardins Capital Markets, had a $15 million overallotment option, meaning they could sell extra shares if there was demand for them.

“This successful equity offering shows strong support from investors and reflects confidence in our vision and strategy as we scale our business,” said Kraken President and CEO Greg Reid in a statement Monday. “With a fortified balance sheet, we are well-positioned to pursue strategic acquisitions, expand our global footprint, and deliver even greater value to our customers and shareholders.”

Kraken expects to use the proceeds from the offering to support its growth into a scalable global prime contractor. As well as general corporate expenditures, this could include buying companies, especially in the U.S. and Europe, to expand its global presence, and “demonstrating a stronger balance sheet when bidding for larger governmental and commercial contracts.”

Founded in 2012 via a spin-off from another company, Kraken Robotics offers a range of products, including 3D imaging sensors, power solutions, and robotic systems.  Its synthetic aperture sonar, sub-bottom imaging, and LiDAR systems offer best-in-class resolution, providing critical insights into ocean safety, infrastructure, and geology, says the company.

The company last year raised $71.8 million via share sales on the TSX Venture, the largest funding by any innovation-driven company in the region in 2024.

Kraken has recently released regular announcements of successful sales. In May, for example, it said it had received new orders totaling more than $3 million for its Kraken Synthetic Aperture Sonar in Asia Pacific, Europe, and North America. A month earlier, it revealed $11 million in orders for its SeaPower pressure-tolerant batteries for uncrewed underwater vehicles.

According to Google, the company’s stock was up 3.2 percent in afternoon trading at $3.46, for a market capitalization of $911 million.