Funding sought overseas for Ukraine's high-tech military Tech Hub
In the heart of the western city of Lviv, Ukraine, the defense technology sector took centre stage at a two-day event that marked a significant step in the country's bid to become a leader in military innovation. The event, which began on Tuesday and had its details made public on Friday, saw foreign companies announcing plans to invest over $100 million in Ukrainian defense technology.
Amid the Russian invasion, now more than three and a half years old, attendees shared concerns about investment barriers, including strict regulations that de facto ban exports amid shortages. However, Ukraine's unique experience and technologies were on full display, with Oleksandr Yarmak, a commander within the Nemesis military unit, emphasising the country's readiness to share its knowledge.
Ukraine has developed a suite of electronic jammers and interceptor drones to counter nightly Russian drone attacks, downing more than 80 percent of the thousands of drones that are fired at it every month. This impressive feat was echoed by the recent announcement of a group formed with Poland to share training and operational knowledge on drone threats.
The event saw a crowd applaud as President Volodymyr Zelensky announced the first co-production deal in Denmark. This move, along with the plans for over $100 million in investments, signalled a positive shift in the defense technology sector.
More than 25 companies are reportedly moving some production to Ukraine, according to Defense Minister Denys Shmygal. The event organiser, Brave1, expressed patience, stating that it's a learning curve and the investment rounds are getting bigger over time.
Notably, AI drone company Swarmer closed the largest public deal, securing $15 million from US investors. Kyiv's strategy involves repurposing basic consumer tech for military purposes, demonstrating the country's innovative approach to defense technology.
However, the event also highlighted the challenges faced by the sector. Scrambled NATO forces shot down under five of the 20-odd drones that flew through Poland last week, underscoring the ongoing threat posed by Russian drone attacks.
Officials are keen to share their knowledge of battlefield-proven tech, and Kyiv is pushing for other solutions like joint investments abroad. With spending of some $170 million a day on the war, Ukraine's commitment to strengthening its defense capabilities is evident. Andrius Kubilius, Europe's Commissioner for Defence, summed it up perfectly when he stated that Ukraine is the future.
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