London drone firm UForce reaches four point five billion pound valuation

London-based naval drone manufacturer UForce has achieved a valuation of 4.5 billion pounds after raising more than 500 million pounds from investors, the Guardian reported. The funding round includes investment from the UK government and makes the business one of the fastest-growing technology startups in the UK valued at over 1 billion dollars. [1]

According to the Guardian, the UK national wealth fund contributed 113 million pounds to the funding round. UK Defence Secretary Wes Streeting met with the founders of UForce following the announcement. The company was founded by Ukrainians and manufactures military equipment designed for operation on land, in the air, and at sea. [1]

Equipment produced by UForce has been used extensively during the war in Ukraine, the Guardian reported. Ukrainian defence forces have previously used long-range strike drones and cruise missiles to conduct precision strikes within Russian-held territory, and Ukrainian strikes targeted oil refineries in Nizhny Novgorod oblast and Saint Petersburg earlier this autumn, as FTMQ News reported earlier. [1][2][4][5]