The deal is expected to be officially announced this week. American representatives are currently in Kyiv to discuss the fund with their Ukrainian counterparts.
The deal is expected to be officially announced this week. American representatives are currently in Kyiv to discuss the fund with their Ukrainian counterparts.
The joint investment fund of Ukraine and the United States (US-Ukraine Reconstruction Investment Fund), created after the signing of the "mineral agreement", is moving into practical action. The first company to receive development funding will be Lviv-based defense technology developer Sine Engineering.
According to sources from the Kyiv Independent, the official announcement of the deal with the participation of the American corporation DFC will take place in Kyiv this week. The exact amount of the first investment is currently being kept secret.
Last September, Kyiv and Washington each allocated $75 million in seed capital. Under the terms, all profits from the fund over the first ten years will be reinvested exclusively in the Ukrainian economy.
Sine Engineering, the first beneficiary of the fund, was founded in Lviv in 2022 by entrepreneur Andriy Chulyk, together with Bohdan Tymkiv and Ostap Ferensovych. During this time, the team has grown from five volunteers to 200 specialists, and in December won the prestigious NATO Innovation Range award .
The startup specializes in developing software that allows drones to navigate in space without using GPS, which is critical in conditions of enemy electronic warfare. Engineers have also developed “swarm” technology, which allows one pilot to simultaneously control an array of drones.
