Investments in Ukraine's miltech companies have increased 100-fold in two years: who has raised the most

Investments in Ukraine's defense industry have soared almost 100-fold over the past two years to $105.2 million, according to a review by the UCDI Investor Club investment platform.Which companies raised the most money in 2023-2025? Who provided this money? And what does the future hold for startups? We tell you based on the UCDI survey.The most attractive for investorsIn 2023-2025, maritime drone manufacturers attracted the most money – $40 million, which is almost 30% of all investment deals in the defense industry, according to a UCDI Investor Club review.UAV manufacturers are in second place with $36 million raised. Developers of autonomous systems for drones have been in third place in investors' priorities over the past two years, with $23.1 million raised.Manufacturers of ground robotic systems (GRCs) attracted $17.5 million; radio-electronic systems – $12.9 million; demining systems – $3.5 million; components and sensors – $3.4 million; software, including analytics – $3.3 million; and systems to counter UAVs – $0.3 million.Read alsoThe new Defence City mechanism: will it increase weapons production in Ukraine in 2026?Who attracted the mostThe most high-profile investment deals over the past two years have been made by Swarmer, a drone swarm developer ($15 million), Skyeton, a UAV manufacturer ($17.4 million), and Ark Robotics, a manufacturer of ground robotic systems ($7.5 million).In 2023, we attracted the most investments: Swarmer (drone autonomy) – $335,000;Frontline (UAV) – $225,000;Zvook (acoustic sensors for air defense) – $205,000;Drone Space (UAV) – $125,000;Ailand Systems (demining) – $125,000.All of these investments were made at the pre-seed stage. D3 fund (the largest number of deals), Angel One, and Network VC were the most prominent investors.Leaders in attracting investment in 2024:Buntar Aerospace (UAV) – $3.4 million (investors: D3, Nezlamni, Sigma, Skuna Ventures);Osavul (software and analytics) – $3 million (investors: 42CAP, SMRK, u.ventures);Swarmer (drone autonomy) – $2.7 million (investors: Angel One, D3, Greenflag, Network VC, R-GAI, Radius Capital);Ark Robotics (GRS ) – $1.2 million (investor: United Angel Networks);Himera (communication systems) – $675,000 (investors: Darkstar, Freedom Fund, Resist.UA);2025 was the most successful year in attracting investment for:Swarmer (drone autonomy) – $15 million (investors: Broadband Capital, D3, Greenflag, Network VC);Skyeton (UAV) – $10.4 million (the investor is not disclosed);Ark Robotics (GRS ) – $7.5 million (investor: Inflection);Trypillian (UAV) – $5 million (investor: Brooks Newmark);Tencore (GRS ) – $3.7 million (investor: MITS).Read alsoLiving artificial intelligence: how FinalSpark makes a computer out of human brain neurons – an interview with the CEOGoing beyondUkrainian producers are ready to enter international markets on a large scale, according to the UCDI survey. Ukrainian leaders will expand their international presence through acquisitions and joint ventures. At the same time, traditional big players (legacy primes) and Ukrainian leaders can launch corporate venture capital funds (CVCs), UCDI notes."Despite the fact that the drone market in Ukraine alone is valued at $3 billion and the country is at the forefront of the evolution of modern warfare, venture capital investments in Ukrainian miltech companies remain significantly lower than in Europe and the US," the study notes.For example, in 2024, Ukrainian manufacturers of military equipment raised only $40 million, while manufacturers in the US raised $3 billion, and those in the EU and the UK raised $1.2 billion.