Dear D3 Investors,
It has been only 22 days since my last update, yet it feels as though an entire year of events—the good, the bad, and the ugly—has unfolded in that short time.
Ukraine's military leadership has changed. We once again took to the streets for a public debate over military doctrine. The new doctrine prevailed, and General Drapatyi has been appointed Commander-in-Chief of the Armed Forces of Ukraine. We expect this to further accelerate Ukraine's shift toward asymmetric, technology-driven warfare. Public demonstrations continue, however, with many advocating for Minister Fedorov to return to the MoD.
A new government means a new engagement strategy. The cabinet reshuffle requires us to rethink how the defense industry works with the government to advance critical priorities such as defense exports and workforce reservation. With the appointment of a career military leader as MoD, we expect to work much more closely with the Minister of Economy on these initiatives. We believe this ministry will be our strongest partner going forward.
A tragedy has shaken Ukraine's defense ecosystem. A russian missile strike targeted an air defense demo in Kyiv, killing 11 people and injuring dozens more. I personally know the event organizer, Vasyl Goncharuk. We both serve on the Board of the Ukrainian Council of Defense Industry. Following the attack, authorities launched an investigation into the organization of the event, and Vasyl has been arrested.
The tragedy has deeply affected our entire defense tech community. As a result, the Defense Tech Valley Summit has been postponed. We will also be changing the location of our Annual General Meeting. We will share the updated details shortly. As always, the safety and security of our investors, founders, and guests will remain our highest priority throughout the planning process.
Needless to say, losing lives at an event dedicated to strengthening Ukraine's defense is heartbreaking and unacceptable. At the same time, we cannot allow this tragedy to paralyze the ecosystem or slow the pace of innovation—that is precisely what our enemy seeks to achieve. Instead, we must treat this as a stark reminder to incorporate the highest standards of OPSEC into everything we do, ensuring that we continue moving forward fast while protecting the people who make this ecosystem possible.
Protests taking place today in support of Minister Fedorov
Protests taking place today in support of Minister Fedorov
Total = 1178 (+46)
We are investing in a truly exceptional radar company. We will introduce the company and explain why we are so excited about this investment in our next newsletter.
| Company | Total Investment, USD | Current Ownership f.d.b., % | Multiple | FMV, USD | Entry Valuation | Latest Valuation (Q3 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 | 34.1 | 41,676,612 | Post-Money Valuation Cap is USD 3,570,000 | NASDAQ: SWMR. Price per share - $44.31 |
| 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% | 6.7 | 2,864,532 | Post-money valuation 34,999,636.41 USD | Post-money Valuation is USD 799,999,119 |
| 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 | 1.0 | 4,497,875.35 | 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% | 4.5 | 14,907,273 | Post-Money Valuation Cap is USD 15,000,000 | Post-money Valuation is USD $1,295,158,370 |
| 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 |
| -14,386,847 | 5.4 | 77,763,167 |
We are seeing a noticeable increase in engagement from the US. The DoW is working more closely with our port cos, expanding collaboration with UA defense tech, and awarding a growing number of contracts to startups. This momentum also coincides with a broader improvement in US–UA relations.
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