Dear D3 Investors,
“Build with Ukraine” is accelerating!
Ukraine’s new Build with Ukraine initiative is gaining real momentum. The program aims to integrate Ukraine’s defense industrial base with international partners through joint production, technology transfer, investment incentives, and a coordinated effort to position Ukraine as a leading player in the global defense market. Support continues to grow from Denmark, the Netherlands, the UK, Norway, Germany—and now increasing interest from the U.S.
Over the past month alone, we’ve hosted multiple U.S. entrepreneurs and defense companies, including Red Cat, exploring acquisitions, licensing deals, JVs, and co-development opportunities with Ukrainian firms. Interest is especially strong in counter-UAS solutions. From the Golden Dome to Drone Wall, everyone wants exposure to this opportunity—sometimes even those far outside the defense sector. Our most unusual visitor: an entrepreneur from the voting machines business (currently suing Fox News) looking to license interceptors. 🤔
Our own portfolio companies are equally aligned with the Build with Ukraine momentum. Over the last two weeks, we hosted three of our international portfolio companies—Albacore (US), Neros (US), and HighCat (Germany)—for deep technical and customer engagements. The number of military commanders cycling through our office for meetings with these companies would rival some small armies.
This is exactly the value proposition we aim to deliver: a true soft-landing in Ukraine, accelerating customer access, operational learning, and rapid iteration for defense technologies that matter.
HighCat(Germany) meets the Nemesis Brigade R&D lead at the D3 office to get feedback on their drone platform
Air defense work in Ukraine is becoming increasingly dangerous for our soldiers. The photo above shows the Nemesis R&D team lead, who just lost a close colleague soldier on Saturday when a Lancet loitering munition struck an air-defense unit north of Kyiv. The enemy is now systematically targeting mobile fire teams involved in counter-Shahed operations—roles that, until recently, were considered relatively safer assignments.
Total = 881 (+34)
Big news!🔥 Airlogix has signed a landmark $230M contract funded by the German MoD for Ukraine. 🇩🇪
Under this major procurement agreement, Airlogix will deliver:
The newly redesigned Anubis addresses a critical operational gap: mid-range strike capability. While Ukraine has several domestically produced drones in the 30–100 km range, most carry only ~5 kg payloads—insufficient to meaningfully disrupt heavily fortified enemy positions. The updated Anubis now carries 40 kg, providing artillery-grade lethality with far greater flexibility and survivability. No other company in Ukraine has such a model.
Put simply: the mid-range battlespace needs a strategy, and Anubis delivers exactly where the enemy has felt too comfortable for too long.