Mishcon de Reya has advised one of the world's leading defence technology companies, UFORCE, on its $700 million Series A fundraising. The Mishcon de Reya team worked closely with Gunderson Dettmer on the US aspects of the transaction.
The round was co-led by the UK National Wealth Fund and Valor Equity Partners, with participation from the U.S.-Ukraine Reconstruction Investment Fund, investors from Silicon Valley, Europe and Asia, and existing investors who increased their stakes.
Founded and led by Ukrainians, UFORCE is headquartered in London, with major hubs in Kyiv and Washington DC. The company creates autonomous systems for air, sea and land, turning critical technologies developed on Ukraine’s front line into capabilities for allied armed forces. Its approach puts direct feedback from operational use at the centre of product development, helping teams refine systems quickly as requirements change.
UFORCE is led by Ukrainian born CEO Oleg Rogynskyy, who also founded People.ai. Former Ukrainian Prime Minister Oleksii Honcharuk serves as chairman, with former UK Defence Secretary Ben Wallace and retired US Army four star general, General Cavoli, who's final posting was to NATO as Supreme Allied Commander Europe. Its portfolio includes MAGURA uncrewed surface vessels, NEMESIS strike drones, combat robotics and systems designed to counter hostile drones.
The funding will help UFORCE expand production and accelerate research and development across its MAGURA, NEMESIS, LIUT and PREDATOR systems. Building on its manufacturing network across European allied countries, the company aims to increase delivery to Ukraine and its international partners.
Thomas McSorley, General Counsel at UFORCE, commented: "This was a large, complex, cross-border round in a sector where few firms have real depth. Mishcon de Reya had both the financing experience and the defence technology expertise. Phil and Toby led from the front, the team worked seamlessly with US counsel, and associates Kunal and Ege were incredible throughout: across every detail and never off the pace. An outstanding team from top to bottom.”
The Mishcon de Reya team comprised relationship Partner and head of Defence & Deeptech Toby McCrindle, corporate and venture capital Partner Phil Robinson, Managing Associate Kunal Sankhla and Associate Ege Sever.
Toby McCrindle and Phil Robinson, Partners at Mishcon de Reya, commented jointly: “UFORCE was created to keep Ukraine and its people safe from harm, in an environment that most companies and teams couldn’t imagine. That mission is evident in everything they do as a business, and their commitment to the people using their capability is present in every interaction with the team. We are proud to work alongside UFORCE and it has been a pleasure to support them on this fundraising – huge congratulations to them all.”