Dear Investors and Friends of D3,
Let this be the one update on Ukraine this month that isn’t shocking—but truly productive.
Europe is energized, and we’re seeing strong, positive signals. From government initiatives to private funding across multiple countries, interest in D3 and Ukrainian technology for Europe’s defense is surging. We can barely keep up with the influx of engagement requests.
At the Munich Security Conference, our LP, Dr. Klaus Hommels, hosted a high-level roundtable, “Digital Defense: A New Era of Resilience.” The discussion brought together key figures, including Sir Roland Walker, Chief of the General Staff of the British Army, and René Obermann, Chairman of Airbus. The takeaway was clear: Europe and Ukraine are entering a new era—together. Thank you for giving D3 the opportunity to participate and share our perspective.
Meanwhile, Ukrainian defense tech producers are relentless. They continue to launch new products and scale production at an astonishing pace. On a recent visit to Vyriy—an FPV drone manufacturer (not a portfolio company)—I saw them gearing up to fulfill a contract for 250,000 drones. There’s no sign of slowing down. Even more impressive, they just announced a batch of 1,000 fully localized drones built exclusively with Ukrainian components—free of Chinese parts. This milestone reflects the rapid evolution of Ukraine’s defense industry.
There is no doubt: Europe’s rearmament will be shaped by Ukraine’s experience, talent, and production capabilities.
Total = 619 (+56)
Our current portfolio is heavily focused on unmanned systems and auxiliary technologies. While we will continue investing in this space—including areas like maritime drones—we recognize the need to expand into other critical sectors of defense.
To guide this shift, we conducted an internal strategic review to identify technologies that either complement our existing portfolio or address unresolved challenges on Ukraine’s frontline. As a result, we have aligned our focus with several key areas outlined in NATO’s Emerging and Disruptive Technologies.
Moving forward, D3 will seek out innovative companies specializing in:
This strategic expansion also includes space technologies, driven by the critical need to reduce the Armed Forces of Ukraine’s heavy reliance on Starlink. Currently, entire battalions operate exclusively with drone models dependent on Starlink, highlighting the risks of such dependency. Diversifying and strengthening Europe’s space-based communication infrastructure is essential for long-term resilience and operational security.