UFORCE, a defence-technology company founded in Ukraine and headquartered in London, announced on Thursday a $700 million Series A financing round at a valuation of $6 billion. Valor Equity Partners and the UK National Wealth Fund co-led the round, with participation from the U.S.–Ukraine Reconstruction Investment Fund.
The $6 billion figure is one third of the $18 billion at which Helsing, which calls itself Europe’s leading defence AI company, was valued in its $1.8 billion Series E in July. UFORCE’s raise equals about 11.7% of its stated valuation, against 10% for Helsing’s, by our arithmetic.
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The key insight: As we read it, UFORCE’s round prices a Series A company at one third of Helsing’s Series E valuation: $6 billion against $18 billion, by our arithmetic, with the UK National Wealth Fund as a co-lead.
UFORCE says it builds “autonomous uncrewed platforms across sea, land and air, and the AI software, orchestration, and command-and-control (C2) layer that operates them”. Its products include the MAGURA family of uncrewed surface vessels, the NEMESIS strike platforms, the LIUT ground robotic platforms and the PREDATOR turret family.
The release says the round also drew Menlo Ventures, Xantium and Hiro Capital, and that existing investors Shield Capital, Ballistic Ventures, Lakestar and Squadra increased their stakes. General (Ret.) Christopher G. Cavoli, a former NATO Supreme Allied Commander Europe and a partner at Valor, joins the UFORCE board.
UFORCE says the money will expand and distribute its production capacity across the US, Europe, Asia-Pacific and the Middle East, and support expanded R&D and increased production of the MAGURA, NEMESIS, LIUT and PREDATOR families. It describes its goal as making “defence a hundred times cheaper than offensive operations”.
Round size and stated valuation in the latest announced rounds of Helsing (Series E, 13 July 2026: $1.8 billion at $18 billion) and UFORCE (Series A, 12 November 2026: $700 million at $6 billion), from each company’s release. Shares (6 / 18 = 33%; 0.7 / 6 = 11.7%; 1.8 / 18 = 10%) are our arithmetic; neither release says whether the valuation is pre- or post-money.
Who Is Paying In
One of the two co-leads and the fund named alongside them are public institutions. The National Wealth Fund is wholly owned by HM Treasury, operationally independent from the government, and has £43.2 billion of finance to deploy, according to the release. URIF is a joint US–Ukraine investment fund.
Conor Coleman, head of investments at the U.S. International Development Finance Corporation, speaking on behalf of URIF, said: “This deal is URIF’s largest investment in the emerging technology sector to date”. The release says URIF’s investment will support UFORCE’s operations in Ukraine, including staffing, research and development, and new product development.
Oliver Holbourn, chief executive of the National Wealth Fund, said UFORCE’s expansion is “bringing the production, engineering and application of combat tested autonomous systems to the UK”. The release does not break down how much each investor put in.
Size of each company’s latest announced round, from UFORCE’s release of 12 November 2026 ($700 million Series A) and Helsing’s release of 13 July 2026 ($1.8 billion Series E). 700 / 1,800 = 39% is our arithmetic.
Set Against Helsing
Helsing announced on 13 July that it had raised $1.8 billion in a Series E, “valuing the company at US$18bn”, from investors including Dragoneer, Lightspeed, General Catalyst and CPP Investments. On 11 November it launched Clarity, a military intelligence software platform.
By our arithmetic, UFORCE’s $6 billion is 33% of Helsing’s $18 billion, and its $700 million Series A is about 39% of Helsing’s $1.8 billion Series E. The two rounds sold similar slices of the stated valuations: 700 / 6,000 = 11.7% and 1,800 / 18,000 = 10%. Neither release says whether the figure is pre- or post-money.
The Structural Read
As we read the two releases, the rounds sold similar slices of stated value: $700 million is about 11.7% of $6 billion, and Helsing’s $1.8 billion was 10% of $18 billion, by our arithmetic.
As we read the investor list, public money sits next to venture money in this round: a fund wholly owned by HM Treasury co-led it, and a joint US–Ukraine fund took part alongside Menlo Ventures and Hiro Capital.
Oleg Rogynskyy, Chief Executive Officer of UFORCE, in the release
“This investment will help us scale production for Ukraine and bring to allies solutions they can field, integrate and sustain at the speed of modern combat.”
Three Implications
FOR DEFENCE-TECH INVESTORS UFORCE says the capital supports production across the US, Europe, Asia-Pacific and the Middle East, close to where its platforms are needed.
FOR THE UK The National Wealth Fund says the expansion brings production and engineering of autonomous systems to the UK and will help create high-skilled jobs.
FOR URIF The U.S. International Development Finance Corporation, speaking for URIF, called the deal its largest investment in the emerging technology sector to date.
The framework says: “We are entering a phase where four scaling laws are simultaneously shaping the AI ecosystem, while several converging forces are radically transforming the physical layers underpinning AI itself.”
As we read it, UFORCE sells both halves of that stack: uncrewed platforms in the physical layer and the AI software and command-and-control layer that operates them, by its own description. The framework predates this round and does not discuss UFORCE.
What Is Not Established
The release gives no revenue, order book or production volumes for UFORCE, and no split of the $700 million by investor. It does not say whether the $6 billion valuation is pre- or post-money, so our shares of valuation are approximate. Combat claims in the release are UFORCE’s own and are not repeated here as fact.
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UFORCE raised $700 million in a Series A at a $6 billion valuation, co-led by Valor and the UK National Wealth Fund, with a US–Ukraine public fund taking part. That is one third of Helsing’s $18 billion valuation from July, by our arithmetic, and the round sold a similar share of the company’s stated value.
A note on sourcing. The round, its investors, the product families and the investor quotes come from UFORCE’s release distributed by PR Newswire on 12 November 2026, which we read in full. Helsing’s round size and valuation come from Helsing’s own release of 13 July 2026. Shares and ratios are our arithmetic. UFORCE and Helsing were not contacted for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
