UFORCE raises $700M Series A at a $6B valuation to scale drone production

UFORCE, the Ukrainian-founded defense technology group headquartered in London, has raised a $700 million Series A at a $6 billion valuation, co-led by Valor Equity Partners and the UK National Wealth Fund, to scale production of its sea, land and air drones in Ukraine and abroad.

Europe has talked about rearming for years, and the production lines have been slow to follow. This round puts serious money behind a company that already has a combat record. Below, I lay out the round, the company, the market it sells into and the pattern I see forming behind it.

$700 million, two co-leads and a British state fund

UFORCE announced the round on 12 November 2026 in a release distributed by PRNewswire. The $700 million Series A comes to about €633.4 million at that day’s EUR/USD rate of 1.10521, and the company puts its valuation at $6 billion.

Valor Equity Partners and the UK National Wealth Fund (NWF) co-led. The NWF invested £113 million ($150 million), its largest defense investment to date, according to the Kyiv Independent on 13 November. The company release does not give the NWF amount.

New participants are the U.S.-Ukraine Reconstruction Investment Fund (URIF) and Menlo Ventures, alongside Xantium and Hiro Capital. Shield Capital, Ballistic Ventures, Lakestar and Squadra, all existing investors, increased their stakes. Conor Coleman (US International Development Finance Corporation), speaking for URIF, said: “This deal is URIF’s largest investment in the emerging technology sector to date.” URIF’s money is earmarked for UFORCE’s Ukraine operations: staffing, R&D and new products.

According to the release, the rest goes into continuous manufacturing in Ukraine, distributed production across the US, Europe, Asia-Pacific and the Middle East, and R&D. The company plans more output across its four product lines (MAGURA, NEMESIS, LIUT, PREDATOR), conversion of existing maritime and automotive manufacturing capacity, a larger US MAGURA production run with ReconCraft, and a deeper role in the EU-Ukraine Drone Alliance and in NATO and Joint Expeditionary Force partnerships.

Earlier reporting by the Financial Times on 30 October, relayed by TNW, described talks at about $500 million. The round closed at $700 million.

A 2025 company with a combat record and a London address

UFORCE builds autonomous uncrewed platforms for sea, land and air, plus the AI, orchestration and command-and-control software that runs them. MAGURA is its uncrewed surface vessel, NEMESIS its aerial drone, LIUT its ground vehicle and PREDATOR a turret family for counter-drone defense. CEO Oleg Rogynskyy runs the group from London, with hubs in Kyiv and Washington DC. General (Ret.) Christopher G. Cavoli joins the board with this round.

The combat figures come from the company’s release: NEMESIS has logged more than 300,000 combat flights and is in use with more than 100 units, and MAGURA has helped destroy more than a dozen Russian warships. Rogynskyy’s line in the release is that “effective defence requires systems that can keep improving as threats change”.

Our records date the company to 2025. In March 2026 it raised $50 million led by Lakestar at a valuation above $1 billion.

Eight months later, the mark is $6 billion.

A $15.8 billion drone market growing 7.6 percent a year

MarketsandMarkets sizes the global military drone market at $15.80 billion in 2025, growing at a 7.6 percent CAGR to $22.81 billion in 2030, in a forecast published in December 2025. The report is framed around aerial drones, and UFORCE’s sea and ground platforms look to fall outside it, so the number likely undercounts what the company sells into.

For a Series A company, 7.6 percent a year is modest growth. On the MarketsandMarkets numbers, the market adds about $7 billion of annual spend between 2025 and 2030. A $6 billion valuation prices UFORCE as a company that wins share from incumbent suppliers, with market growth as the smaller part of the case.

Two other large rounds landed in the same four days. Onodrim Industries raised a $300 million Series A led by Lux Capital on 9 November. Agile Robots closed a $500 million Series F led by SoftBank on 12 November, the day UFORCE announced.

Sovereign funds are now writing Series A checks

What we are seeing is state money moving down to venture stage in defense. A British national wealth fund co-leads. A US-Ukraine reconstruction fund, represented by the US International Development Finance Corporation, joins. Both sit on the same cap table as Menlo Ventures and Lakestar, a combination missing from most European venture playbooks I know.

The use of funds reads like an industrial plan. Production in Ukraine, the US, Europe, Asia-Pacific and the Middle East, converted maritime and car-plant capacity, a US partner for the sea drones. The money is going into factories at least as much as into code, and that carries a different risk profile from the software rounds that usually come with valuations like this one.

The week 46 funding recap covers the rest of the week’s deals, and the full set of 2026 rounds sits in our fundraising data.

The second factory sets the next valuation

The thing to watch over the next year is where the new production lines open, and how fast. The ReconCraft line for MAGURA in the US is the first public test. The company’s deeper role in the EU-Ukraine Drone Alliance is the second place to look. How many of those lines will run inside the EU by this time next year?

Imagine if the maritime and automotive plants UFORCE says it will convert sit in our own industrial regions. UFORCE now has $700 million and a stated plan to convert that kind of capacity.

Let’s build those lines here!