UForce, a London-based military drone manufacturer founded by Ukrainians, has secured more than £500m from investors in a funding round that values the business at £4.5bn. The UK government participated through its national wealth fund, which contributed £113m. The company produces drones for operations on land, in the air and at sea, and its equipment has seen extensive use in Ukraine’s war.
The funding places UForce among Britain’s fastest-growing unicorns, the term for startups valued at more than $1bn. Founder Oleg Rogynskyy said the investment would support increased production for Ukraine and allied countries. Describing the company’s ambition as making “aggression unaffordable”, he said defence systems needed to improve continually as threats developed, with governments and technology businesses working together on affordable, interoperable and autonomous platforms.
UK defence secretary Wes Streeting met Rogynskyy on Thursday aboard HMS Prince of Wales, the British aircraft carrier, during a defence conference in Oslo. From Norway, Streeting remotely operated a UForce MV7 uncrewed vessel in the Atlantic near Portugal, more than 1,500 miles away.
The Ministry of Defence highlighted the company’s maritime technology against a backdrop of concerns about Russia’s growing threat in the north Atlantic and North Sea. Russian naval ships and vessels in its “shadow fleet” have faced accusations of spying and sabotage targeting pipelines and cables. Britain is planning to deploy a fleet of maritime drones in northern waters to monitor Russia’s nuclear submarines.
Under the investment agreement, UForce will put money into a British supply chain, according to the Ministry of Defence. Hulls, engines, electronics and fit-out will be sourced domestically, with British suppliers accounting for more than 70% of the content of every boat built in the UK. Streeting said bringing expertise tested in combat to Britain would support skilled employment, innovation and military readiness. He also said the UK was learning from Ukraine after years of providing it with training.
Valor Equity Partners was the other lead investor. The private equity firm was founded by Antonio Gracias, a former Tesla director who also serves on the board of Elon Musk’s SpaceX. Valor partner Christopher Cavoli, a retired US general who served as Nato’s supreme allied commander for Europe until last year, will join UForce’s board.
Rogynskyy grew up in the eastern Ukrainian industrial city of Dnipro and previously founded People.ai, a Silicon Valley unicorn specialising in business sales and operations performance data. UForce’s board also includes Ben Wallace, the former Conservative UK defence secretary.
