Defense technology company Frankenburg Technologies has raised funding from Blossom Capital and Shellona Ltd. The funds will be used to develop anti-aircraft missiles.
Defense technology company Frankenburg Technologies has raised funding from Blossom Capital and Shellona Ltd. The funds will be used to develop anti-aircraft missiles.
As Forbes Ukraine reports, citing the Estonian publication Ärileht, Frankenburg Technologies has attracted 2 million euros each from Blossom Capital and Shellona Ltd. The company’s market value has increased almost threefold, to 150 million euros.
«Additional investments will attract new talent to the rocket industry from Europe», — said Frankenburg Technologies CEO Kusti Salm.
The company recently posted a job posting for rocket engineers and systems engineers for various positions.
Last September, Frankenburg Technologies joined the list of European arms manufacturers opening production in Ukraine. The company appointed Serhiy Koshman, who previously worked as an expert in the Office of the President of Ukraine and Nokia Siemens Networks, as its managing director in Ukraine, Baltic News Service reported. It was noted that Ukraine will produce the C-UAV system, which is capable of detecting, tracking and shooting down small UAVs.
In December, it became known that Frankenburg Technologies will begin testing its small anti-aircraft missiles in Ukraine in 2025, which are designed to effectively shoot down Iranian-Russian drones. The Frankenburg Mark 1 anti-aircraft missile should effectively combat Iranian-origin Shahed kamikaze drones. It can hit targets flying at an altitude of up to two kilometers.
Frankenburg noted that they aim to revolutionize missile guidance systems with an artificial intelligence-based situational awareness program.
