Defense company UForce raised $700 million in a Series A round. It was led by the British National Wealth Fund and the American investment company Valor Equity Partners. UForce announced this on LinkedIn.
The U.S.-Ukraine Reconstruction Investment Fund, investors from Silicon Valley, Europe and Asia, and existing investors of the company who increased their stakes joined the round.
In October, AIN wrote that the company had likely raised $500 million at a valuation of $5 billion. Among the investors were two institutional funds. The actual amount turned out to be larger. It is likely that new investors joined the round or existing ones increased their contributions.
The raised capital will be directed toward scaling up the production of systems already used on the front lines in Ukraine and accelerating research and development (R&D). This concerns four of the company's developments: Magura naval unmanned systems, and the Nemesis, Liut, and Predator strike UAVs.
What is known about UForce
The UForce portfolio includes more than a dozen types of weapons: from Magura naval drones and Nemesis strike UAVs to ground robotic platforms and combat control systems.
The group unites nine Ukrainian companies that develop technologies for the military. Their names are not disclosed.
The company has its headquarters in London and large operational centers in Kyiv and Washington. The combined team employs more than 1,000 people.