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UForce has raised $700 million in a funding round valuing it at $6 billion. Valor Equity Partners and the UK's National Wealth Fund co-led the Series A, the company announced Thursday. The wealth fund put in £113 million of that. UForce, a London-based drone maker founded by Ukrainians, makes equipment that has been used extensively in the war in Ukraine.
What Changed
- UForce raised $700 million in a Series A round that values the London-based drone maker at $6 billion.
- Valor Equity Partners and the UK's National Wealth Fund co-led the round; the wealth fund put in £113 million.
- UForce raised $50 million at a valuation of around $1 billion in March.
- CEO Oleg Rogynskyy says bookings more than doubled over the past year but declined to disclose more exact figures or name customers.
AI-generated summary, reviewed by an editor. More on our AI guidelines.
From $1 billion in March
UForce raised $50 million at a valuation of around $1 billion in March. It develops unmanned aerial, maritime and land systems, plus the AI software used to coordinate them.
Chief executive Oleg Rogynskyy told CNBC that bookings have more than doubled over the past year, from a base of several hundred million dollars. He declined to disclose more exact figures. He said the company's financial performance justified the valuation and that UForce had received offers from investors at even higher valuations.
"We were getting offers with much higher valuation, but we chose this one because of Valor and the rest of the investors," Rogynskyy said. "In terms of valuation to bookings, valuation to revenue, this is actually not an aggressive valuation."
The money goes to scaling manufacturing in Ukraine and in allied countries, including the U.S., Europe, Asia-Pacific and the Middle East. Startups across NATO and allied countries raised $27.1 billion through September, nearly double the total for all of 2025, according to an October report from Dealroom and Resilience Media.
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What London wants from the deal
Defence Secretary Wes Streeting met Rogynskyy on Thursday aboard the aircraft carrier HMS Prince of Wales during a defence conference in Oslo. Streeting also piloted a UForce MV7 uncrewed vessel located more than 1,500 miles away in the Atlantic Ocean near Portugal.
The Ministry of Defence noted UForce's maritime capabilities in particular, amid concerns over the increasing threat from Russia in the north Atlantic and North Sea.
The ministry said UForce would invest in a British supply chain, with hulls, engines, electronics and fit-out sourced in the UK. More than 70% of the content of each UK-built boat would come from British suppliers, it said.
"In just a few years the UK has gone from training Ukraine to being trained by Ukraine," Streeting said.
The board
Valor was founded by Antonio Gracias, a former Tesla director who also sits on the board of SpaceX. Ben Wallace, the former Conservative defence secretary, is on UForce's board.
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Rogynskyy grew up in Dnipro, an industrial city in eastern Ukraine, before founding People.ai, a Silicon Valley tech unicorn.
The company's own numbers
UForce says its NEMESIS drones have completed more than 300,000 combat flights. It says its MAGURA naval vessels have contributed to the destruction of more than a dozen Russian warships in the Black Sea. Rogynskyy said UForce had already manufactured ten times as many unmanned surface vessels as the competitors it typically measures itself against.
Rogynskyy said UForce was already working with several NATO countries, but he declined to identify its customers or disclose how much of its production goes to Ukraine versus overseas markets. Asked whether growing international demand could divert supplies away from Ukraine, he said the company was committed to meeting Ukrainian military requirements first.
"We are very careful about that, and we make sure that we deliver on all Ukrainian needs first and foremost," he said.
Rogynskyy predicted that autonomous systems would gradually replace much of the military equipment now operated by humans. He said he could not envision militaries continuing to buy new crewed aircraft or frigates 10 years from now, though he acknowledged that conventional equipment such as F-35 fighter jets would remain important in the near term.
Frequently Asked Questions
How much did UForce raise, and at what valuation?
UForce raised $700 million in a Series A round valuing it at $6 billion. Valor Equity Partners and the UK's National Wealth Fund co-led the round, which the company announced on Thursday.
How much did the UK's National Wealth Fund invest?
The wealth fund put in £113 million. The Ministry of Defence said UForce would invest in a British supply chain, with more than 70% of the content of each UK-built boat coming from British suppliers.
Why does UForce's CEO say the $6 billion price is fair?
Oleg Rogynskyy said bookings have more than doubled over the past year, from a base of several hundred million dollars, and that UForce received offers at even higher valuations. He declined to disclose more exact figures.
What will UForce do with the money?
The company plans to scale manufacturing in Ukraine and in allied countries, including the U.S., Europe, Asia-Pacific and the Middle East.
AI-generated summary, reviewed by an editor. More on our AI guidelines.
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Marcus Schuler
Editor-in-Chief and founder of Implicator.ai. Former ARD correspondent and senior broadcast journalist with 10+ years covering tech. Writes daily briefings on policy and market developments. Based in San Francisco. E-mail: editor@implicator.ai
