UK drone maker founded by Ukrainians hits £4.5bn value after raising £500m
Summary
UForce, a London-based military drone maker founded by Ukrainians, reached a £4.5bn valuation after raising more than £500m, including £113m from the UK’s national wealth fund. The company says it will expand production for Ukraine and its allies and invest in a UK supply chain.Key Facts
- UForce makes military drones for land, air and sea, and its drones have been used in the war in Ukraine.
- The company was founded by Oleg Rogynskyy, who grew up in Dnipro, Ukraine.
- Private equity firm Valor Equity Partners was another lead investor in the funding round.
- The UK Ministry of Defence said more than 70% of each boat built in the UK would use content from British suppliers.
- UK Defence Secretary Wes Streeting remotely piloted a UForce MV7 vessel more than 1,500 miles away in the Atlantic near Portugal.
- UForce’s board includes former UK Defence Secretary Ben Wallace and retired US general Christopher Cavoli.
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