Uforce, the Ukrainian-founded defence technology company headquartered in London, has raised $700M in a Series A round co-led by Valor Equity Partners and the UK's National Wealth Fund.
The National Wealth Fund confirmed a £113M ($150M) equity investment on 12 November. It is the state-owned fund's largest defence investment so far.
Bloomberg reported that the round values Uforce at $6B, which would make it the UK's most valuable defence startup. The company has not confirmed the valuation itself.
What does Uforce build?
Uforce makes uncrewed systems for sea, air and land, plus the software that controls them. Its products include MAGURA uncrewed surface vessels, NEMESIS strike aircraft, LIUT ground robots and PREDATOR counter-drone turrets.
The group brings together several Ukrainian defence manufacturers under one company. Its MAGURA boats have been used against Russian warships in the Black Sea.
Oleg Rogynskyy, who previously founded the sales software company People.ai, is chief executive. Former Ukrainian prime minister Oleksii Honcharuk chairs the board, and former UK defence secretary Ben Wallace sits on it.
Who invested alongside Valor and the National Wealth Fund?
New investors include the US-Ukraine Reconstruction Investment Fund, Menlo Ventures, Xantium and Hiro Capital. Existing backers Shield Capital, Ballistic Ventures, Lakestar and Squadra increased their stakes.
Retired US general Christopher Cavoli, a former NATO Supreme Allied Commander Europe and now a partner at Valor, is joining the board.
The jump in value is steep. In March, Shield Capital and Lakestar co-led a $50M seed round that valued Uforce at just over $1B.
What does the UK get from the deal?
According to the National Wealth Fund, Uforce will grow its UK footprint and create "hundreds" of skilled jobs across engineering, software, AI and advanced manufacturing. No sites have been named yet.
The UK will become a major hub for Uforce's software, command-and-control and production work. More than 70% of the content of each UK-built MV series boat will come from British suppliers, covering hulls, engines, electronics and fit-out.
Uforce also plans to sponsor apprenticeships with UK universities and colleges.
Rogynskyy said the aim is to make sovereign, combat-proven autonomous systems available to the UK and its allies. Oliver Holbourn, chief executive of the National Wealth Fund, called the deal a sign of the UK and Ukraine's close relationship.
Why is the National Wealth Fund investing in defence?
The fund was set up mainly to back infrastructure and clean energy. At the October 2026 Budget, the Chancellor told it to sharpen its focus on security, resilience and industrial growth.
Uforce is the clearest sign yet of that shift. A day earlier, the same fund had committed £1bn to two offshore wind farms off Norfolk.
What this means for UK founders
Defence has become one of the fastest-moving parts of UK defence startup funding, following Hypersonica's €100M Series B earlier this month.
The bigger change is that state capital now sits on the cap table next to US venture funds. For dual-use hardware founders, the National Wealth Fund is becoming a realistic co-investor, but it comes with an expectation of UK jobs and UK supply chains.
Uforce's challenge now is turning a battlefield record into British factories, at a speed that matches its valuation.