Former Ukrainian defence minister Mykhailo Fedorov has announced on Telegram plans to launch a new defence technology investment fund focused on developing technologies needed on the battlefield.
Aged 35, Fedorov was Ukraine’s youngest-ever defence minister. However, he served only six months before his dismissal in July, resulting in weeks of protests across Ukraine and a political headache for President Volodymyr Zelenskyy. He was replaced by Evgeniy Khmara, who previously served as head of Ukraine’s Security Service (SBU) and as head of the SBU’s Alpha Group.
Fedorov announced the initiative during a working trip to Washington, where he is meeting venture funds, entrepreneurs, technology companies, experts, and organisations that could become partners in the new projects.
The planned fund will differ from a traditional venture capital model by both backing existing Ukrainian defence tech startups and creating new companies around technologies considered critical to Ukraine's defence.
“This will not be a classic venture fund. We plan not only to invest in Ukrainian defence tech companies, but also to create new companies ourselves around technologies that are critically needed on the battlefield today,” Fedorov said.
The fund will initially focus on three areas:
- Battlefield robotics designed to reduce soldiers’ exposure to dangerous areas of the front;
- Jet-powered interceptor drones intended to counter emerging aerial threats, including jet-powered Shahed drones; and
- Low-cost missiles incorporating AI.
Fedorov said discussions are already underway with potential investors and partners that could support the projects. The next stage will involve assembling a team, presenting the fund's model, and launching its first projects. It is unclear what his specific role will be.
“Our task is to attract international capital and expertise to create new technologies so that Ukraine can defeat the enemy in each subsequent technological cycle,” Fedorov said.
Lead image: Mykhailo Fedorov. Photo by Stephen McCarthy/Web Summit via Sportsfile.
Would you like to write the first comment?
Login to post comments