**Ukrainian Defense Company Secures $3.74 Million in Investment from US-Ukrainian Group**
In a significant boost to Ukraine’s defense capabilities, Tencore, a Ukrainian company that manufactures military robots, has received a substantial investment of $3.74 million from MITS Capital, a U.S.-Ukrainian investment group. This deal was announced at the Ukraine Recovery Conference in Rome on July 11 and represents one of the largest publicly disclosed investments in Ukrainian defense technology since Russia’s full-scale invasion began in 2022.
**A Fourfold Increase in International Investment**
The international investment in Ukrainian defense startups has seen a remarkable fourfold increase in 2024, reaching $40 million compared to nearly zero in the previous two years. This surge in investment is a testament to Ukraine’s resilience and determination to strengthen its defense capabilities despite the ongoing conflict with Russia.
**Tencore’s Capabilities**
Tencore produces the TerMIT unmanned ground vehicle, which meets NATO standards and has already been deployed on the front lines against Russian forces. The robots can transport supplies, evacuate wounded soldiers, clear mines, and provide fire support. With over 800 units built and a target of reaching 2,000 by year-end, Tencore is expanding its manufacturing capabilities with the help of the new funding.
**New Legal Framework**
The investment deal marks a significant milestone in the use of Ukraine’s special Diia.City legal framework for tech companies to back defense companies. MITS Capital utilized this framework to invest directly in Tencore’s Ukrainian entity, creating a clear and secure path for international investors. This development has the potential to attract more foreign investment into Ukrainian defense startups.
**A Commitment to Supporting Ukraine**
“Our goal is to get Russia out of Ukraine and Ukraine into NATO’s defense supply chain,” said Perry Boyle, CEO and Founding Partner at MITS Capital. This statement reflects the company’s commitment to supporting Ukraine’s efforts to strengthen its defense capabilities and become a key player in international security.
**MITS Capital’s Focus on Ukrainian Defense Startups**
Founded last year, MITS Capital focuses exclusively on investing in Ukrainian defense startups. The firm operates an accelerator program and has invested in 11 companies so far. This investment in Tencore is just one example of the company’s dedication to supporting Ukraine’s defense sector.
Read More @ kyivindependent.com
