Ukraine's M-Fly raises seed round for drone systems as demand grows

What's the deal? M-FlyDealroom has a profile for this one. Try Dealroom →, a Ukrainian defense tech company that makes drone systems, has secured a seed round led by MITS CapitalDealroom has a profile for this one. Try Dealroom →. Freedom Fund, the Norwegian defense fund Gardar, and an undisclosed new investor also took part. The company did not disclose the amount.

Why now? M-Fly said the investment comes amid growing demand for its drone systems, which it has tested in combat conditions in Ukraine.

What's the endgame? The funds will help the company move to its next stage of scaling up, it said. MITS Capital, which led the round, had previously invested in M-Fly.

The signal: Ukraine's wartime defense sector continues to draw capital, with international backers — including Norway's Gardar — betting on hardware proven on the battlefield.

Read more: tech.liga.net

Image credit: bjoern.gramm