Ukrainian startup M-FLY, which produces a laser guidance system and civilian gimbals for drones, has raised $1.3 million from angel investors and four funds, and previously received two grants from Brave1. What will the funds be used for?
Ukrainian startup M-FLY, which produces a laser guidance system and civilian gimbals for drones, has raised $1.3 million from angel investors and four funds, and previously received two grants from Brave1. What will the funds be used for?
As reported by AIN, the round was attended by Resist.ua, MITS Capital, and Freedom Fund. Private investors from Ukraine, Denmark, Grenada, the United States, and an Estonian miltech company also joined.
M-FLY said that the funds raised will be used to complete the development of a laser target designator and semi-active homing heads.
«This solution is unique in its reliability and high accuracy (over 95% hit statistics). In addition, the M-FLY development can be used for air defense installations,» the startup reported. M-FLY products are already being tested on the front line and are being prepared for mass production.
The company’s website presents two drone mounts:
M-FLY CEO Vladislav said that in September 2023, the startup opened its first office in Kyiv and began to form a team. However, in December, it turned out that the starting $40,000 was not enough to develop such a project.
«In December 2023, we were actually on the verge of bankruptcy. Then, on the Day of Assistance to the Poor (December 19), we were given our first investment outside of our circle of friends in the amount of $5,000, which provided us with a month of living. And later in January, the first strategic investor joined us with what was, at that time, a serious check. This is an Estonian miltech company that has developed acoustic communication modules that determine the direction from which the shaheeds are flying,» he said.
According to the CEO of M-FLY, this investment helped to quickly close the interim round and reach the MVP (Minimum viable product). «Already in April, we developed what we thought was an MVP, but in fact we got a POC (Proof of concept). This confirmed that the story is working and the concept can work,» Vladislav added.
In 2024, M-FLY managed to receive two grants from Brave1: $25,000 and $50,000. Currently, the startup is «polishing» the prototype to bring it closer to the product and integration with customers. The startup’s clients are UAV manufacturers; integration is already underway with several of them.
M-FLY has Ukrainian and Estonian companies. The Estonian one is necessary to attract investments from both Ukrainian and foreign investors. The R&D center and office are located in Ukraine.
After attracting $1.3 million in investment, the startup expects to «raise» $3-5 million in the next round for «in-house production of certain parts.»
«Our idea is to help the military, polish the technology, refine it, and when the war is over, scale towards exports and sales in the world,» explains Vladyslav.
