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Ukrainian-founded UForce valued at £4.5bn after £500m fundraise
UForce, a London-based military drone maker founded by Ukrainians, has reached a £4.5bn valuation after raising more than £500m, including a £113m investment from the UK’s national wealth fund. The deal matters because the company’s equipment has been used extensively in Ukraine, while Britain is seeking new ways to monitor and deter Russian activity at sea.
The investment will help UForce expand production for Ukraine and its allies, and the company says it will build up a British supply chain. The Ministry of Defence said more than 70% of each boat built in the UK would come from British suppliers; UForce makes drones for land, air and sea. The company’s founder, Oleg Rogynskyy, previously founded Silicon Valley firm People.ai, and former Nato commander Christopher Cavoli and former UK defence secretary Ben Wallace are among UForce’s board members.
In short
- UForce is valued at £4.5bn after raising more than £500m.
- The UK national wealth fund invested £113m.
- More than 70% of UK-built boats’ content is expected from British suppliers.
Business Europe Government Politics Russia-Ukraine War UK World
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Originally published by The Guardian as “UK drone maker founded by Ukrainians hits £4.5bn value after raising £500m”.