Defense-technology company UFORCE, founded in Ukraine and headquartered in London, announced on Thursday (November 12) a $700 million Series A round valuing the company at $6 billion. According to specialist press, it is the largest round ever raised by a startup of Ukrainian origin.
The round was co-led by Valor Equity Partners and the UK's sovereign wealth fund, the UK National Wealth Fund, with participation from the U.S.-Ukraine Reconstruction Investment Fund, plus Menlo Ventures, Xantium and Hiro Capital. Existing investors including Shield Capital, Ballistic Ventures, Lakestar and Squadra increased their stakes. The British fund contributed £113 million ($150 million), its largest defense investment to date.
What UFORCE builds
UFORCE builds autonomous uncrewed platforms for sea, land and air, plus the AI software and the command-and-control layer that operates them. Its product lines include the MAGURA uncrewed surface vessels, the NEMESIS aerial drones, the LIUT ground vehicles and the PREDATOR counter-drone turrets.
Where the money goes
According to the company, the new capital will expand production in Ukraine and allied nations, distributing manufacturing capacity across the United States, Europe, Asia-Pacific and the Middle East — including converting existing maritime and automotive plants and a partnership with ReconCraft to build MAGURA vessels in the United States.
The valuation is about six times the March level, when the company raised $50 million at roughly $1 billion. Retired General Christopher G. Cavoli, former NATO Supreme Allied Commander Europe and a Valor partner, joins the UFORCE board. On the day of the announcement, UK Defence Secretary Wes Streeting piloted an MV7 vessel from the MAGURA family from more than 1,500 miles away, aboard the aircraft carrier HMS Prince of Wales in Norway.
The operational figures disclosed by the company — such as more than 300,000 NEMESIS drone flights and the destruction of more than a dozen warships by MAGURA vessels — are the company's own claims and have not been independently verified.
Sources: official UFORCE statement (PR Newswire); Dealroom.
Image credit: UFORCE (press material), via PR Newswire.
Transparency: this article was produced with the help of artificial intelligence, cross-checked against public posts and sources on the internet. Please consult the original sources for more details.
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