Ukrainian defense technology company UForce raised $700 million in a Series A funding round on Nov. 12, which values the firm at $6 billion. The company intends to use the capital to expand production of unmanned systems for Ukraine and its allies.
Investment details and product expansion
U.S. investment firm Valor Equity Partners and the U.K.’s National Wealth Fund co-led the round. The U.S.-Ukraine Reconstruction Investment Fund participated, providing money that will support Ukrainian operations including hiring, research and development, and new products. Conor Coleman, head of investments at the U.S. International Development Finance Corporation, said this deal is URIF’s largest investment in the emerging technology sector to date. Other investors include Menlo Ventures, Xantium, and Hiro Capital, while Shield Capital, Ballistic Ventures, Lakestar, and Squadra increased their stakes. The National Wealth Fund separately announced a 113-million-pound ($150 million) investment in UForce, which it calls its largest defense investment to date.
I find the scale of this expansion impressive as UForce plans to grow production in the United States, Europe, Asia-Pacific, and the Middle East. The company develops uncrewed systems for air, land, and sea operations, plus software to control them. They produce Magura naval drones, Nemesis aerial systems, Liut ground robots, and Predator turret systems. UForce is partnering with U.S. manufacturer ReconCraft to increase Magura production in the United States. CEO Oleg Rogynsky said, "The war in Ukraine has shown that effective defense requires systems that can keep improving as threats change." In September, Rogynskyy told DOU the company was recruiting engineers with Formula 1 experience to help develop the next generation of Magura naval drones.
