Manufacturer MAGURA expands production of marine drones in Britain and the USA

UFORCE Raises $700 Million at $6 Billion Valuation, UK National Wealth Fund to Finance MV7 and MV11 Assembly in UK.

Ukrainian defense technology company UFORCE has raised $700 million in a Series A round. The company’s valuation is valued at $6 billion, Four Week MBA reports.

The round was led by Valor Equity Partners and the UK National Wealth Fund. The UK sovereign wealth fund invested £113 million ($150 million), its largest ever investment in the defense sector. The round also included participation from the American-Ukrainian Reconstruction Investment Fund, Menlo Ventures, Xantium and Hiro Capital.

The company’s valuation has increased sixfold in eight months. In March, UFORCE raised $50 million at a valuation of around $1 billion, becoming Ukraine’s first defense unicorn.

“In the early years of the invasion, allies came together to arm Ukraine. Now they are joining forces to create it together with Ukraine for the common goal of making aggression intolerable for Russia,” UFORCE CEO Oleg Roginsky commented on the agreement.

British funds will be used to expand the production of MAGURA MV7 and MV11 marine vehicles and NEMESIS systems in the UK. More than 70% of the components of each British-built boat are planned to be purchased from local suppliers — in particular, hulls, engines and electronics.

“Today’s investment is evidence of the special relationship that has developed between the UK and Ukraine,” said National Wealth Fund Executive Director Oliver Holborn.

In general, the new funds will be used to expand research and increase the production of MAGURA unmanned surface vehicles, NEMESIS aerial drones, LIUT ground robotic complexes and PREDATOR turret systems. The company names the development of laser interception and turrets against “shaheeds” as separate areas.

Production is planned to expand beyond the UK to the US, Europe, Asia-Pacific and the Middle East. In July, UFORCE USA signed a memorandum of understanding with ReconCraft to assemble MAGURA vehicles at US facilities. The company is also considering converting existing shipbuilding and automotive facilities of its partners for defense needs.

Retired General Christopher J. Cavoli, Supreme Allied Commander Europe 2022-2025 and currently a partner at Valor Equity Partners, joined the board of directors.

“Ukraine has shown the world how fast innovation can move on the battlefield when engineers work side by side with those who rely on their systems,” he said.

Former Prime Minister of Ukraine Oleksiy Honcharuk is the co-founder and chairman of UFORCE. The board also includes former UK Defence Secretary Ben Wallace.

The company is a co-founder of the EU-Ukraine Drone Alliance and is developing partnerships within NATO and the Joint Expeditionary Force (JEF).

According to CNBC, MAGURA drones have been involved in the destruction of more than a dozen Russian ships in the Black Sea, and NEMESIS drones have flown more than 300,000 combat missions. Roginsky told the publication that the company’s orders have more than doubled in a year, and it has turned down some investors despite higher-scoring offers.

In parallel, the UFORCE team launched the U4Heroes fund to support the health, retraining, and employment of veterans and military personnel in the technology and defense sectors.

Reference. UFORCE is a defense technology company founded in Ukraine with headquarters in London and main centers in Kyiv and Washington. It develops unmanned sea, air, and ground systems, as well as artificial intelligence software for their coordination.

USM previously reported that US special forces first used MAGURA-class naval drones in the Indo-Pacific region, sinking a decommissioned ship during exercises in the Philippines.