Ukrainian-based drone maker UForce on Thursday raised $700 million in funding at a $6 billion valuation as the company looks forward to expanding production of autonomous sea, land, and air systems for Ukraine and allied countries.
The funding was led by Valor Equity Partners and Britain’s National Wealth Fund for the London-headquartered defence technology startup UForce, which also maintains hubs in Kyiv and Washington. US-Ukraine Reconstruction Investment Fund also participated.
With the ongoing war between Ukraine and Russia, this investment is being used to help them improve their military technology. Drone and robotic systems are critical to their operations.
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The company makes driverless boats, flying drones, and robotic vehicles that work together using smart computer software. This funding makes UForce one of Europe’s most valuable tech startups.
Britain’s Nscale, an AI infrastructure company, was worth $14.6 billion in March, and Sweden’s Lovable, a vibe-coding startup, reached a $13.3 billion valuation in August.
In the United States, UForce has teamed up with a company called ReconCraft to build more of their special MAGURA boats. They also plan to work with friends in other countries to turn regular boat and car factories into places that can build military equipment.
“Through the National Wealth Fund’s support, UForce’s expansion is bringing the production, engineering and application of combat-tested autonomous systems to the UK,” said Oliver Holbourn, chief executive of the UK National Wealth Fund.
