Business · London, Kyiv, and Washington, DC
UFORCE raises $700M at $6bn valuation as UK wealth fund co-leads round
The London-headquartered defence technology company, founded in Ukraine, will use the money to expand production across four regions and keep front-line troops supplied. The round values it at $6 billion and includes the UK National Wealth Fund as a co-lead investor.
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In brief
The round, co-led by Valor Equity Partners and the UK National Wealth Fund, values UFORCE at $6 billion.
The National Wealth Fund invested £113m, which Bloomberg describes as its largest defence investment.
About 30 Ukrainian defence companies already use the database, and 12 British defence companies gain access under the first agreement.
A $700 million round at a $6 billion valuation
UFORCE, a defence technology company founded in Ukraine and headquartered in London with hubs in Kyiv and Washington, DC, announced a $700 million Series A round at a $6 billion valuation. Valor Equity Partners and the UK National Wealth Fund (NWF) co-led the round, and the U.S.-Ukraine Reconstruction Investment Fund (URIF) also took part, with its money earmarked for UFORCE's operations in Ukraine. Menlo Ventures, Xantium and Hiro Capital joined the round, while Shield Capital, Ballistic Ventures, Lakestar and Squadra increased their stakes. Reported in sterling, the round exceeds £500m and values the company at £4.5bn, with the NWF contributing £113m. According to Bloomberg, that is the NWF's largest defence investment.
- Series A round
- 700 USD millions
- Valuation
- 6000 USD millions
Data from the article text
Production and the front line
UFORCE builds uncrewed platforms for sea, land and air, plus the AI software and command-and-control layer that runs them, and says its aim is to make defence a hundred times cheaper than offensive operations. The new money will expand production across the United States, Europe, Asia-Pacific and the Middle East, so platforms can be built near the places they are needed. The company says this should keep front-line troops in Ukraine supplied despite ongoing attacks, and it will fund more research and output of the MAGURA USV and NEMESIS UAV. Chief executive Oleg Rogynskyy put the case in these terms:
“The war in Ukraine has shown that in an increasingly volatile world, effective defence requires systems that can keep improving as threats change.”
UK links and a board seat
On Thursday, 12 November, Wes Streeting, the UK defence secretary, met Rogynskyy on board the carrier HMS Prince of Wales, where a defence gathering was being held in Oslo. Streeting also operated a UForce MV7 uncrewed vessel from more than 1,500 miles away, with the boat working in the Atlantic near Portugal. The defence ministry pointed to the company's maritime work as Russian navy and shadow fleet vessels face allegations of tampering with undersea cables and pipelines in the North Atlantic and North Sea. The UK also plans a fleet of seaborne drones in northern waters to track Russia's nuclear submarines. The ministry said UForce will invest in a British supply chain as part of the deal.
Valor was founded by Antonio Gracias, a former Tesla director who sits on the SpaceX board. Christopher Cavoli, a retired US general who was Nato's supreme allied commander for Europe until 2025, is one of Valor's partners and will join UForce's board. Rogynskyy grew up in Dnipro before founding People.ai, a Silicon Valley company that analyses sales and operations data.
Ukraine's defence technology centres
Ukraine's Ministry of Defense is building a network of specialised centres that will combine expertise, analytics, innovation and resource provision to meet army needs, according to its website. Two are already in place, the Main Department for Unmanned Systems Capability Development and the Main Department for Missile Weapons and Artillery Capability Development. Four more are planned for air defence, electronic reconnaissance and warfare, space policy and technologies, and deep strike systems. Defence Minister Yevheniy Khmara described a chain in which the General Staff identifies needs from combat experience and the ministry's centres deliver ready solutions to the front:
“Our task is to timely and adequately supply the military with weapons and technologies that provide real results and advantages on the battlefield.”
Battlefield data for AI training
Ukraine has opened a trove of five million battlefield videos, along with audio and text, gathered over nearly five years. About 30 Ukrainian defence companies already use the database, called Avenger Labs, to build AI weapons, and the government is now offering it to allied firms. Ukraine provides the data free, but companies must grant the Ukrainian military licences to any software they develop. The first agreement gives 12 British defence companies access, and talks with other countries are ongoing.
- Ukrainian defence companies using the data
- 30 companies
- British defence companies in first agreement
- 12 companies
Data from the article text
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Sources and context
- The GuardianUK drone maker founded by Ukrainians hits £4.5bn value after raising £500m
- RTE.ieUkraine creating centers for defense technology
- The New York TimesA.I. Weapons Need Data for Their Training. Ukraine Has a Lot to Offer.
- AdnkronosUFORCE raises $700M at $6 billion valuation from Leading Tech and Sovereign Wealth Funds to scale combat-proven defence systems for Ukraine and Allied Nations
- Wes Streeting
- UK defence secretary who met Rogynskyy and piloted a UForce vessel
- Antonio Gracias
- Founder of Valor Equity Partners, a co-lead investor in the round
- Christopher Cavoli
- Retired US general and Valor partner who will join UForce's board
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