VCs, MoDs, and Ukrainian Military Innovators at the UK – Ukraine Defence Tech Forum

London, UK — November 8, 2024 — Swarmer, a Ukrainian drone swarming and collaborative autonomy start-up, joined forces with Western venture capitalists, government officials, and industry experts at the UK – Ukraine Defence Tech Forum held at the Royal United Services Institute (RUSI) in London, focused on "Financing Ukraine’s Victory: Access to Capital and Scaling Defence Technologies."

The war-winning tech solutions driving Ukraine’s defense sector were front and center. The forum highlighted how defense now goes beyond the military — it’s about building systems that bring innovation, adapt, and protect the future. The organizers opening remarks underscored the urgency of supporting Ukraine's efforts and fostering relationships that can propel growth in military technology investments.

Stephen Butler , Managing Director at Strategy Council , captured the urgency of the forum by stating, “Winning in Ukraine is the most important thing.” Daniel Bilak , Partner at Kinstellar , shared insights into the growth of investment in Ukrainian military tech: “We've seen $25 million in Ukrainian miltech investments so far. By the end of 2024, this figure will double to $50 million. Our goal is to facilitate relationships that fuel this growth.”

Eduard Fesko , Deputy Chief of Mission at the Embassy of Ukraine in the UK , addressed the evolving defense landscape and Ukraine's agile response to the crisis. “2025 will be a different year from what we’ve seen so far. The war revealed huge gaps in how Western ministries and institutions respond to such crises. Ukraine, instead, showed how to be agile,” he remarked. “If your stockpiles are running out, what do you do? How do you replace them? Ukrainian companies offer low-cost and yet more efficient solutions. Our approach offers great opportunities in such turbulent times. While others lack sufficient tools to handle this turbulence, we’re ready to share our experience so that our partners are better off.”

Further discussions underscored that Ukraine’s defense success hinges on killer combinations of technology, strategy, and relentless innovation. Throughout the forum, venture capitalists, including our partners from Green Flag Ventures , RG.AI, and D3 Venture Capital Firm , stressed the necessity for companies to identify unmet needs and address them at scale, framing the conflict as not only a war of innovation but also a war of numbers. They underscored the importance of adhering to standards such as NATO's and maintaining a long-term vision for integrated solutions. Collaboration with third-party vendors was deemed essential to prevent components from becoming bottlenecks. Participants agreed that “the potential of Western production is bigger than Russia, Iran, and even China combined, yet it is not utilized to the fullest.”

Ukrainian start-ups, in turn, expressed concern about the investment models that are most attractive to Western funds — those companies with Ukrainian founders but with their capabilities located outside Ukraine present a sustainable approach to the West. Fully Ukraine-based companies often attract primarily domestic funds, which limits the pace of innovation. A push for standardization and compliance creates another significant barrier. Максим Шеремет (Maxim Sheremet), CEO of DroneSpace and founder of Dronarnia, added his perspective: “Very few companies are passing compliance tests, very few. We want to share our innovations with the UK and partners. So let it be!”

Serhii Kupriienko , CEO of Swarmer , stood out as the sole software company leader among manufacturers on a panel discussion. He spoke about the unique challenges facing Ukrainian start-ups: “We are navigating decades of peacetime processes in just a few years of war; paperwork and compliance have become bottlenecks,” Kupriienko explained. “I've heard people starting to call military tech 'resilience tech’ [...] If we are not scaling, next year, it will be called 'survival tech' instead.”

Ukrainian start-ups emphasized the importance of proximity to the frontline to drive innovation. The panelists noted, “Being close to your customer in the context of war means being close to the frontline. As time goes on, the West is further away from battlefield innovation. When we ask for aid in components or something else, the West may not know what that component is or why we need it because it’s lagging behind.” Challenging the audience, Kuprienko asked, “How many of you have been in Ukraine in the past month?” With a few hands raised, he continued, “That's your answer. You must see it to understand what we're trying to achieve there. Come to Ukraine and get your first-hand experience and impression.”

“We deeply appreciate the support from our partners and organizers. Defense innovation isn’t just about tech — it’s about shaping a future worth fighting for. We call on our partners to join us in building the solutions that will secure and protect the democratic tomorrow,” Kupriienko concluded, underscoring Swarmer’s commitment to scaling its technology and building the partnerships that will lead to Ukraine’s victory.