UFORCE raises $700 million at a $6 billion valuation to make drones beyond Ukraine

UFORCE, a defence technology company that started in Ukraine, has secured $700 million in Series A funding, which values it at $6 billion, the company announced on 12 November. Valor Equity Partners and the UK's National Wealth Fund led the round together, joined by the US-Ukraine Reconstruction Investment Fund, Menlo Ventures, Xantium and Hiro Capital.

UFORCE, based in London with large operations in Kyiv and Washington, makes autonomous systems for air, land and sea, including the NEMESIS heavy strike drones, MAGURA uncrewed boats, LIUT ground robots and PREDATOR counter-drone turrets. It plans to spread production across the United States, Europe, Asia-Pacific and the Middle East, partly to keep making equipment despite attacks on Ukrainian infrastructure.

The company says NEMESIS drones have flown more than 300,000 combat flights and that MAGURA boats helped destroy more than a dozen Russian warships. These figures have not been independently verified.

Retired US Army General Christopher G. Cavoli, a former NATO Supreme Allied Commander Europe and a partner at Valor, will join UFORCE's board. “This investment will help us scale production for Ukraine and bring to allies solutions they can field, integrate and sustain at the speed of modern combat,” chief executive Oleg Rogynskyy said.