UK drone maker founded by Ukrainians hits £4.5bn value after raising £500m
London-based naval drone maker UForce, founded by Ukrainians, has reached a £4.5bn valuation after raising more than £500m from investors including the UK government.
The company received £113m from the UK's national wealth fund, making it one of the UK's fastest-growing unicorns – startups with valuations exceeding $1bn. UForce's drones have been extensively used in the war in Ukraine, demonstrating their battlefield effectiveness.
Naval capabilities
UK Defence Secretary Wes Streeting met UForce CEO Oleg Rogynskyy on Thursday onboard the British aircraft carrier HMS Prince of Wales during a defense conference in Oslo, Norway. The Ministry of Defence highlighted UForce's maritime capabilities amid growing concerns over Russia's naval activities in the north Atlantic and North Sea.
Streeting piloted a UForce MV7 uncrewed vessel located more than 1,500 miles away in the Atlantic Ocean near Portugal, showcasing the company's remote operation capabilities.
Founder's vision
Rogynskyy, who grew up in Dnipro, Ukraine, before founding Silicon Valley tech unicorn People.ai, stated that UForce aims to 'make aggression unaffordable.' The investment will allow the company to scale production for Ukraine and its allies.
Investment details
The other lead investor was Valor Equity Partners, founded by former Tesla director Antonio Gracias, who also serves on SpaceX's board. Valor partner Christopher Cavoli, a retired US general and former Nato supreme allied commander for Europe, will join UForce's board.
The Ministry of Defence announced that UForce will invest in the British supply chain, with over 70% of each UK-built boat's content sourced from British suppliers. Streeting emphasized how Ukraine has 'rewritten the rules of warfare' and noted the UK has transitioned from training Ukraine to learning from its innovations.
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