Dear D3 Investors,
Our D3 Annual General Meeting in London is only one week away on October 5th!
We will have a dinner the night before on October 4th. If you haven’t yet, please RSVP using the link below. The agenda will include Fund I review, current stage of technology on the frontlines in Ukraine, a conversation with members of the Armed Forces of Ukraine and D3 Founders, and
Total = 1239 (+61)
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| Company | Total Investment, USD | Current Ownership f.d.b., % | Multiple | FMV, USD | Entry Valuation | Latest Valuation (Q2 2026) |
|---|---|---|---|---|---|---|
| HighCAT | -126,156 | 1.93% | 4.5 | 565,997 | Pre-Money Valuation Cap is EUR 3,200,000 | Post-money Valuation is EUR 29,326,261.2 |
| Zvook | -125,000 | convertible debt | 1.0 | 125,000 | Post-Money Valuation Cap is USD 3,000,000 | Valuation Cap is EUR 10,000,000 |
| Ailand Systems | -125,000 | convertible debt | 1.0 | 125,000 | Post-Money Valuation Cap is USD 1,785,000 | Post-money Valuation Cap is USD 5,000,000 |
| Swarmer | -1,302,571 | D3 # of shares – 940,569 | 33.2 | 43,181,523 | Post-Money Valuation Cap is USD 3,570,000 | NASDAQ: SWMR. Price per share - $45.91 |
| Tytan Technologies | -984,363 | 1.48% | 2.9 | 2,863,407 | Pre-Money Valuation Cap is EUR 5,000,000 | Post-money valuation is EUR 164,861,039.25 |
| Buntar Aerospace | -225,000 | convertible debt | 1.0 | 225,000 | Pre-Money Valuation Cap is USD 10,000,000 | Pre-money Valuation Cap is 50,000,000 |
| Neros Technologies | -424,986 | 0.36% | 19.0 | 8,056,505 | Post-money valuation 34,999,636.41 USD | Post-money Valuation is USD 2,529,526,163.74 |
| Frontline Robotics | -125,000 | convertible debt | 1.0 | 125,000 | Post-Money Valuation Cap is USD 1,785,000 | Pre-money Valuation Cap is USD 35,000,000 |
| Drone Space | -125,000 | convertible debt | 1.0 | 125,000 | Post-Money Valuation Cap is USD 3,125,000 | Post-money Valuation Cap is USD 3,125,000 |
| Guardian RF | -125,000 | convertible debt | 1.0 | 125,000 | Uncapped SAFE, MFN | Post-money Valuation Cap is USD 20,000,000 |
| Flightmind.ai | -125,000 | convertible debt | 1.0 | 125,000 | Post-Money Valuation Cap is USD 1,785,000 | Post-money Valuation Cap is USD 1,785,000 |
| Kela Technologies | -199,999 | 0.08% | 5.0 | 1,003,228 | Post-money valuation 128,094,017.59 USD | Post-money Valuation is USD 1,199,997,154.16 |
| Stridar | -250,000 | 6.56% | 1.2 | 312,451 | Post-Money Valuation Cap is USD 10,000,000 | Post-money valuation is USD 4 762 015.69 |
| Airlogix | -1,606,655 | convertible debt | 2.8 | 4,497,875 | Post-Money Valuation Cap is USD 30,300,000 | Post-money Valuation is USD 188,024,516.94 |
| Chariot | -315,000 | 0.31% | 1.3 | 394,681 | Post-money valuation 35,548,591.16 USD | Post-money Valuation is USD 126,922,082.6 |
| Cambridge Aerospace | -1,249,991 | 1.15% | 27.9 | 34,867,396 | Post-Money Valuation Cap is USD 15,000,000 | Post-money Valuation is USD 3,399,998,214.27 |
| Albacore Ocean Systems | -940,000 | convertible debt | 1.0 | 940,000 | Post-Money Valuation Cap is USD 7,000,000 | Post-Money Valuation Cap is USD 80,00,000 |
| Agon (prev. Spiel) | -749,993 | convertible debt | 2.0 | 1,499,978 | Post-Money Valuation Cap is USD 20,000,000 | Post-money Valuation is USD 159,572,096.81 |
| UForce | -1,002,173 | convertible debt | 1.0 | 1,002,173 | Post-Money Valuation Cap is USD 1,000,000,000 | Post-Money Valuation Cap is USD 1,000,000,000 |
| Onodrim | -995,997 | 0.12% | 1.0 | 995,997 | Post-money valuation 81 050 142.56 USD | Pre-Money Valuation Cap is USD 150,000,000 |
| Hive Robotics | -494,526 | 0.84% | 1.0 | 494,526 | Post-money valuation 49,999,724.97 EUR | Post-money valuation is EUR 49,999,724.97 |
| Talos Devices | -999,999 | 1.96% | 1.0 | 999,999 | Post-money valuation 50,999,997.00 USD | Post-money valuation is USD 50,999,997.00 |
| Project Chinook | -441,422 | convertible debt | 1.0 | 441,422 | Pre-Money Valuation Cap is GBP 19,000,000 | Pre-Money Valuation Cap is GBP 19,000,000 |
| TERASi | -578,015 | 1.61% | 1.0 | 578,015 | Post-money valuation EUR 31,023,595.85 | Post-money valuation EUR 31,023,595.85 |
| Tiberius Aerospace | -750,000 | convertible debt | 1.0 | 750,000 | Post-Money Valuation Cap is USD 300,000,000 | Post-Money Valuation Cap is USD 300,000,000 |
| Asymm | -1,000,000 | convertible debt | 1.0 | 1,000,000 | Uncapped, Discount is 10% | |
| Pai Defence | -400,000 | convertible debt | 1.0 | 400,000 | Pre-Money Valuation Cap is USD 25,000,000, Discount is 20% | Pre-Money Valuation Cap is USD 25,000,000 |
| -15,786,847 | 6.7 | 105,820,173 |
👉 Defense Firm Neros Triples Valuation to $2.5 Billion
https://www.youtube.com/watch?v=k7z3mLOYFGw
👉 UK missile and drone interceptor start-up raises $300mn at $3.4bn valuation