Dear D3 Investors,
It has been only XX days since my last update but it feels like we could fit a whole year of events, the good, bad, and ugly all within these days.
-We had our public debate over doctrine that resembled the start of our signature revolutions. The new won against the old and we have a new Commander-in-Chief of the Armed Forces of Ukraine. You can expect more asymmetrical technology-driven war fighting from Ukraine’s side.
-We
-We had a tragic missile attack to an air defense demo in Kyiv which hit the ecosystem hard. I know the organizer personally. We both sit on the Board of the Ukrainian Council of Defense Industry
Total = 1132 (+40)
We would like to increase the percentage of Ukrainian companies in our portfolio. It is not only more closely aligned with our mandate to help Ukraine win the war but we see the biggest potential for larger upside on such investments as seen on portfolio companies like Frontline. We came in at $1.7M valuation and the company is now raising at around $500M valuation less than 3 years later. With that in mind, we restructured the investment team to have one Partner fully dedicated to sourcing Ukrainian teams only.
We have made two new investments this month 🥳
Investment Case Tiberius Aerospace.pdf
| Company | Total Investment, USD | Current Ownership f.d.b., % | Multiple | FMV, USD | Entry Valuation | Latest Valuation (Q2 2026) |
|---|---|---|---|---|---|---|
| HighCAT | -125,000 | 1.93% | 4.5 | 565,997 | Pre-Money Valuation Cap: EUR 3,200,000 | Post-money Valuation: EUR 29,326,261.2 |
| Zvook | -125,000 | convertible debt | 1.0 | 125,000 | Post-Money Valuation Cap: USD 3,000,000 | Valuation Cap: EUR 10,000,000 |
| Ailand Systems | -125,000 | convertible debt | 1.0 | 125,000 | Post-Money Valuation Cap: USD 1,785,000 | Post-money Valuation Cap: USD 5,000,000 |
| Swarmer | -1,302,571 | D3 # of shares – 940,569 | 34.1 | 41,676,612 | Post-Money Valuation Cap: 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: EUR 5,000,000 | Post-money valuation: EUR 164,861,039.25 |
| Buntar Aerospace | -225,000 | convertible debt | 1.0 | 225,000 | Pre-Money Valuation Cap: USD 10,000,000 | Pre-money Valuation Cap: 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: USD 799,999,119 |
| Frontline Robotics | -125,000 | convertible debt | 1.0 | 125,000 | Post-Money Valuation Cap: USD 1,785,000 | Pre-money Valuation Cap: USD 35,000,000 |
| Drone Space | -125,000 | convertible debt | 1.0 | 125,000 | Post-Money Valuation Cap: USD 3,125,000 | Post-money Valuation Cap: USD 3,125,000 |
| Guardian RF | -125,000 | convertible debt | 1.0 | 125,000 | Uncapped SAFE, MFN | Post-money Valuation Cap: USD 20,000,000 |
| Flightmind.ai | -125,000 | convertible debt | 1.0 | 125,000 | Post-Money Valuation Cap: USD 1,785,000 | Post-money Valuation Cap: 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: USD 1,199,997,154.16 |
| Stridar | -250,000 | 6.56% | 1.2 | 312,451 | Post-Money Valuation Cap: USD 10,000,000 | Post-money Valuation: USD 4 762 015.69 |
| Airlogix | -600,000 | convertible debt | 1.0 | 600,000 | Post-Money Valuation Cap: USD 30,300,000 | Post-money Valuation Cap: USD 181,300,000 |
| Chariot | -315,000 | 0.31% | 1.3 | 394,681 | Post-money Valuation: USD 35,548,591.16 | Post-money Valuation: USD 126,922,082.6 |
| Cambridge Aerospace | -1,249,991 | 1.15% | 4.5 | 14,907,273 | Post-Money Valuation Cap: USD 15,000,000 | Post-money Valuation: USD $1,295,158,370 |
| Albacore Ocean Systems | -940,000 | convertible debt | 1.0 | 940,000 | Post-Money Valuation Cap: USD 7,000,000 | Post-Money Valuation Cap: USD 80,00,000 |
| Agon (prev. Spiel) | -749,993 | convertible debt | 2.0 | 1,499,978 | Post-Money Valuation Cap: USD 20,000,000 | Post-money Valuation: USD 159,572,096.81 |
| UForce | -1,002,173 | convertible debt | 1.0 | 1,002,173 | Post-Money Valuation Cap: USD 1,000,000,000 | Post-Money Valuation Cap: USD 1,000,000,000 |
| Onodrim | -995,997 | 0.12% | 1.0 | 995,997 | Post-money Valuation: USD 81 050 142.56 | Pre-Money Valuation Cap: 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: EUR 49,999,724.97 |
| Talos Devices | -999,999 | 1.96% | 1.0 | 999,999 | Post-money Valuation: USD 50,999,997.00 | Post-money Valuation: USD 50,999,997.00 |
| Project Chinook | -441,422 | convertible debt | 1.0 | 441,422 | Pre-Money Valuation Cap: GBP 19,000,000 | Pre-Money Valuation Cap: 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: USD 300,000,000 | Post-Money Valuation Cap: USD 300,000,000 |
| -13,379,035 | 5.5 | 73,865,292 |
👉 Mercedes-Benz set to partner with drone defence start-up Tytan