Ukrainian defense technology company Falcons has raised funding from US-based Green Flag Ventures to scale production of its radio frequency (RF) direction-finding system and work toward NATO certification.
Founded in 2022 following Russia’s full-scale invasion, Falcons develops cost-effective systems designed for GPS-denied environments. Its flagship product, ETER (Direction Finder Set), helps detect enemy devices emitting radio signals, including drones, communication equipment, relays, and electronic warfare assets.
According to the company, ETER has already seen combat use and contributed to the destruction of a Russian system valued at around $90 million. Falcons positions the device as a compact, GPS-free alternative that is up to 30–50 times cheaper than comparable NATO systems, with operational coverage exceeding 600 km.
Falcons’ CEO and co-founder Yehor Dudinov, an active-duty serviceman with experience in strategic planning and product management, said the investment demonstrates the wider potential of technologies developed under fire in Ukraine.
The funding will support Falcons in scaling ETER’s production, growing its team of engineers and frontline practitioners, and developing a NATO market-entry strategy.
Green Flag Ventures, co-founded by Justin Zeefe and Deborah Fairlamb, invests in dual-use startups with both defense and civilian applications, with a particular focus on Ukraine’s defense technology ecosystem.
The investment comes as Western investors show increasing interest in Ukrainian defense startups, many of which have rapidly developed solutions in response to wartime needs. NATO nations have also signaled interest in cost-effective and agile alternatives to traditional, often slower-moving defense procurement.
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