Ukrainian defense technology company UFORCE has raised $700 million in a Series A funding round, valuing the firm at $6 billion as investor interest grows in autonomous weapons systems tested on the battlefield in Ukraine.
The company, which develops unmanned aerial, maritime and land systems along with AI coordination software, announced the round on Thursday. The investment was co-led by Valor Equity Partners and the UK’s National Wealth Fund, with participation from investors across Silicon Valley, Europe and Asia. UFORCE previously raised $50 million at a valuation of around $1 billion in March.
The company says its NEMESIS drones have completed more than 300,000 combat flights and its MAGURA naval vessels have contributed to the destruction of more than a dozen Russian warships in the Black Sea. CEO Oleg Rogynskyy told CNBC that bookings had more than doubled over the past year from a base of several hundred million dollars, though he declined to disclose exact figures.
Rogynskyy said the company had received offers at even higher valuations but chose Valor and its co-investors. “We were getting offers with much higher valuation, but we chose this one because of Valor and the rest of the investors,” he said. “In terms of valuation to bookings, valuation to revenue, this is actually not an aggressive valuation.”
The new capital is planned to be used to scale manufacturing both inside Ukraine and in allied countries including the United States, Europe, Asia-Pacific and the Middle East. Rogynskyy said UFORCE had already produced ten times as many unmanned surface vessels as the competitors it typically benchmarks against and aimed to increase manufacturing capacity substantially. CNBC could not independently verify that comparison.
Startups across NATO and allied countries raised $27.1 billion through September of this year, nearly double the total for all of 2025, according to an October report from Dealroom and Resilience Media.
Rogynskyy said the company was already working with several NATO countries but declined to name customers or disclose how much of its output goes to Ukraine versus overseas buyers. When asked whether growing international demand could divert supplies from Ukraine, he said the company was committed to meeting Ukrainian military requirements first. “We are very careful about that, and we make sure that we deliver on all Ukrainian needs first and foremost.”
Like many of its peers, UFORCE is seeking to challenge the economics of conventional warfare, arguing that large numbers of inexpensive autonomous systems offer a cheaper alternative to traditional weapons. Rogynskyy said Ukrainian engineers have an edge over established Western manufacturers because they get constant feedback from troops using the equipment in combat. “Speed of innovation, of course, is much faster with Ukrainian defense technology companies as compared to primes and Western defense techs.”
Looking ahead, he predicted that autonomous systems would gradually replace much of the military equipment now operated by humans, including aircraft and naval vessels, though he acknowledged that conventional platforms such as the F-35 would remain important in the near term.
Analysis
Why This Matters
- The valuation signals that investors see real-world combat data as a major advantage for defense tech startups, potentially reshaping how Western militaries procure equipment.
- UFORCE’s expansion plans indicate Ukraine’s defense industry is becoming a global supplier, which could affect both the war effort and international arms markets.
- The broader surge in defense-tech funding, nearly double 2025’s total, shows a structural shift in how NATO allies are approaching modern warfare.
Background
UFORCE was founded in 2022 and has grown rapidly during Russia’s full-scale invasion of Ukraine, developing drones and naval vessels that have been used extensively on the battlefield. The company is part of a new generation of Ukrainian startups that combine software engineering with combat feedback loops, attracting venture capital from traditional tech investors as well as sovereign wealth funds.
What to Watch
- Whether UFORCE can meet its manufacturing targets without diverting supply from Ukraine’s own military needs.
- How NATO countries respond to the company’s pitch for replacing crewed systems; decisions on major procurement programs could be an early signal.
- The credibility of UFORCE’s claim about producing ten times as many unmanned surface vessels as its competitors, an independent verification would strengthen the narrative.
Checked
12 claims in this story checked against 1 source: 12 supported.
Show each claim
- SupportedUFORCE raised $700 million at a $6 billion valuation.Tech: “Ukrainian defense technology company UFORCE has raised $700 million in a funding round valuing it at $6 billion”
- SupportedThe round reflects growing investor demand for battle-tested autonomous weapons systems.Tech: “as investor interest grows in autonomous weapons systems tested on the battlefield in Ukraine.”
- SupportedValor Equity Partners and the UK's National Wealth Fund co-led the Series A round.Tech: “The Series A round was co-led by Valor Equity Partners and the U.K.'s National Wealth Fund”
- SupportedUFORCE raised $50 million at a valuation of around $1 billion in March.Tech: “UFORCE ... raised $50 million at a valuation of around $1 billion in March.”
- SupportedRogynskyy said UFORCE's bookings more than doubled over the past year from a base of several hundred million dollars.Tech: “the company's bookings have more than doubled over the past year, from a base of several hundred million dollars”
- SupportedRogynskyy said, “We were getting offers with much higher valuation, but we chose this one because of Valor and the rest of the investors.”Tech: “"We were getting offers with much higher valuation, but we chose this one because of Valor and the rest of the investors," Rogynskyy said.”
- SupportedRogynskyy said, “In terms of valuation to bookings, valuation to revenue, this is actually not an aggressive valuation.”Tech: ““In terms of valuation to bookings, valuation to revenue, this is actually not an aggressive valuation.””
- SupportedUFORCE says its NEMESIS drones have completed more than 300,000 combat flights.Tech: “UFORCE says its NEMESIS drones have completed more than 300,000 combat flights”
- SupportedUFORCE says its MAGURA naval vessels contributed to the destruction of more than a dozen Russian warships in the Black Sea.Tech: “its MAGURA naval vessels have contributed to the destruction of more than a dozen Russian warships in the Black Sea.”
- SupportedUFORCE plans to use the funding to scale manufacturing in Ukraine and allied countries, including the US, Europe, Asia-Pacific and the Middle East.Tech: “The company plans to use the new funding to scale manufacturing in Ukraine and in allied countries, including the U.S., Europe, Asia-Pacific and the Middle East.”
- SupportedRogynskyy said UFORCE had manufactured ten times as many unmanned surface vessels as the competitors it typically measures itself against.Tech: “Rogynskyy said UFORCE had already manufactured ten times as many unmanned surface vessels as the competitors it typically measures itself against”
- SupportedStartups across NATO and allied countries raised $27.1 billion through September, nearly double the total for all of 2025, according to an October report.Tech: “Startups across NATO and allied countries raised $27.1 billion through September, nearly double the total for all of 2025, according to an October report from Dealroom and Resilience Media.”
