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July 2026
Government Traction, Commercial Scale
KRAKEN'S $175M SERIES B TOPS A MONTH OF PORTFOLIO RESULTS
To our Partners and Stakeholders,
July delivered another validation of BOKA's investment thesis, with portfolio companies converting sustained government engagement into major commercial and financial milestones. Kraken Technology Group closed a $175 million Series B at a $1 billion valuation, becoming Europe's newest maritime defense unicorn. The round, backed by BOKA, British Business Bank, NATO Innovation Fund, and Rheinmetall to name a few, followed a year of contract wins with the UK Ministry of Defence, NATO partners and USSOCOM, and was reinforced by manufacturing partnerships with Rheinmetall, Anduril and Davie Shipbuilding.
Infleqtion's positioning was reinforced at the federal level, with CEO Matthew Kinsella present as President Trump signed executive orders elevating quantum computing and post-quantum cryptography as national priorities. The company also launched America's Quantum Space Initiative and confirmed the resumption of Royal Navy trials of its Tiqker™ optical atomic clock aboard the autonomous submarine Excalibur. York Space Systems completed its $300 million acquisition of ALL.SPACE, creating an integrated communications ecosystem spanning space, land, air and maritime domains and delivering a strong strategic exit pathway for the platform. Pragmatic Semiconductor extended its flexible integrated circuit platform beyond core defense and industrial use with the launch of NFC Protect, broadening its addressable commercial base into brand authentication and supply chain security.
These milestones landed against a market moving at comparable speed: NATO's $40 billion Drone Edge Initiative and the UK's £5 billion autonomous drone and AI investment plan confirm that uncrewed capability is now a structural procurement priority across allied defense markets, reinforcing the scale of opportunity ahead for the sector BOKA backs.
BOKA NEWS
BOKA Welcomes Kraken Technology Group to Its Portfolio Following $175 Million Series B at $1 Billion Valuation (9 July 2026) ↗
Kraken Technology Group closed a $175 million Series B at a $1 billion valuation, with participation from the British Business Bank, NATO Innovation Fund, Rheinmetall, BOKA Capital and others, following a year of major contract wins with the UK Ministry of Defence, NATO partners and USSOCOM.
PORTFOLIO SPOTLIGHT
Infleqtion
Trump Signs Executive Orders Elevating Quantum Computing as a National Priority (22 June 2026)↗
President Trump signed two executive orders directing federal agencies to accelerate domestic quantum computer development and migration to post-quantum cryptography, with Infleqtion CEO Matthew Kinsella in attendance at the signing. The orders reinforce quantum technologies as strategic national infrastructure and support the policy tailwind underpinning Infleqtion's commercial and government positioning.
Infleqtion Launches America's Quantum Space Initiative to Accelerate Quantum-Enabled Space Infrastructure (22 June 2026)↗
The UK Government has deepened its direct operational engagement with Infleqtion as the company prepares a series of high-profile technology rollouts at the Commercializing Quantum Global 2026 summit in London. Notably, the UK Ministry of Defence confirmed that Royal Navy trials of Infleqtion’s Tiqker™ optical atomic clock, which was integrated into the autonomous submarine Excalibur (XCal) to provide GPS-denied navigation, are scheduled to resume late this month.
ALL.SPACE - York Space
York Space Systems Completes $300 Million Acquisition of ALL.SPACE (8 July 2026) ↗
York Space Systems finalised its acquisition of ALL.SPACE, which now operates as a wholly owned subsidiary combining York's orbital hardware and mission command systems with ALL.SPACE's multi-orbit terminal portfolio. The deal creates an integrated, resilient communications ecosystem spanning space, land, air and maritime domains, validating ALL.SPACE's terminal technology as a differentiated asset within a national defense prime and providing a strong strategic exit pathway for the platform.
Pragmatic Semiconductor
Pragmatic Semiconductor Launches NFC Protect for Tamper Detection and Product Authentication (23 June 2026) ↗
Pragmatic Semiconductor introduced Pragmatic NFC Protect, a flexible, low-carbon NFC chip enabling instant tamper detection and brand authentication, launched via an early access program with assembly partners. The product extends Pragmatic's flexible integrated circuit platform into brand protection and supply chain security, broadening its addressable commercial base beyond core defense and industrial applications.
MARKET WATCH
Phasecraft Wins $4.5 Million DOE Quantum Computing Award (16 June 2026) ↗
UK deep-tech firm Phasecraft secured a Department of Energy award to apply quantum computing to computational chemistry problems in green hydrogen production, illustrating continued transatlantic government funding for applied quantum research.
European Innovation Council Opens Funding to Defense and Dual-Use Technologies (17 June 2026)↗
The EIC will offer grants up to €2.5 million and direct equity investments up to €30 million for dual-use start-ups spanning AI, quantum, advanced materials and robotics, the first time an EU program has made direct equity investments in defense companies.
Northrop Grumman Wins $398 Million Enhanced Protected Tactical SATCOM Prototype Contract (18 June 2026)↗
The Space Systems Command award funds development of a jam-resistant tactical satellite communications prototype, reflecting continued U.S. investment in resilient, contested-environment SATCOM architecture.
U.S. Space Force Awards $437.7 Million for Protected Tactical SATCOM Global Satellites (23 June 2026) ↗
Contracts to Viasat and Intelsat for the "Swarm-1" satellite pair advance the Protected Tactical SATCOM Family of Systems, strengthening resilient, jam-resistant military communications ahead of a planned 2028 launch.
Department of War Launches Up to $200 Million Quantum Sensing Initiative for ISR (24 June 2026) ↗
The Defense Innovation Unit (DIU) will invest up to $200 million over the coming year to transition mature quantum sensing and timing technologies to the Joint Force, reinforcing sustained government demand for field-ready quantum sensing capability.
UK Unveils £5 Billion Autonomous Drone and AI Defence Investment Plan (30 June 2026) ↗
The UK's Defence Investment Plan commits more than £5 billion over four years to embed AI-enabled and uncrewed capability across land, sea and air, including armed autonomous drones under Project NYX and the electronic-warfare drone Storm Shroud, signalling a structural shift toward autonomy in British defense procurement.
U.S. Army Awards AeroVironment $500 Million Counter-Drone Contract (1 July 2026) ↗
The Army's award for layered counter-drone defense systems underscores the scale of near-term U.S. procurement in counter-UAS technology as unmanned threats proliferate across theatres.
Quantum Systems Raises $1.2 Billion at $8 Billion Valuation (2 July 2026)↗
The German autonomous drone maker's raise is among the largest private defense-tech financings of the year, illustrating surging investor appetite for AI-enabled unmanned systems across allied defense markets.
NATO Summit Industry Forum Announces New Capability Initiatives in Ankara (7 July 2026)↗
Initiatives spanning strike capability, integrated air and missile defense, counter-UAS, armored vehicles, and space and surveillance were unveiled at NATO's defense industry forum, signalling continued allied convergence on priority capability gaps.
JIP Lawmaker Calls for Nuclear-Powered Submarine Fleet as Japan Revises Security Strategy (9 July 2026) ↗
Seiji Maehara, a senior lawmaker in the Japan Innovation Party (Nippon Ishin no Kai) who leads the ruling coalition partner's national security discussions, called for Japan to acquire at least eight nuclear-powered submarines and reconsider the country's longstanding non-nuclear principles, citing expanding Chinese naval activity around the second island chain. The proposal comes as Tokyo prepares to revise its three key national security documents this year, positioning submarine propulsion and nuclear policy as central questions in Japan's defense posture debate.
NATO Commits to $40 Billion Drone Edge Initiative Amid European Drone Warfare Build-Out (15 July 2026)↗
NATO members committed roughly $40 billion toward a new Drone Edge Initiative as European drone warfare capability moves from pilot programs to operational deployment, part of an estimated $49 billion in allied commitments this month.