According to Deputy Minister of Economy, Environment and Agriculture Yegor Perelygin, the American-Ukrainian Reconstruction Fund (URIF) selected the Lviv dual-use company Sine Engineering from 200 applications.
According to Deputy Minister of Economy, Environment and Agriculture Yegor Perelygin, the American-Ukrainian Reconstruction Fund (URIF) selected the Lviv dual-use company Sine Engineering from 200 applications.
As he told Forbes in an interview, the selection process lasted several months and included reviewing financial statements, assessing the company’s capabilities, testing various financial models, and analyzing its development strategy.
«A special emphasis is placed on the dual-use technology segment. This is not necessarily about direct production, for example, of drones, but rather about the production of components and modules that are also needed in civilian industries. Sine Engineering is an example of a dual-use business, as it is able to operate in both the civilian and military markets, which provides it with greater stability and flexibility,» he said.
Perelygin added that the selection process takes place through a series of meetings and various types of communication between the companies and the financial advisor.
«Projects are submitted exclusively through the website. They are immediately reviewed by the fund’s advisor, who is responsible for initial processing and evaluation. At this stage, a basic selection takes place: projects that are financially viable and promising are identified,» the deputy minister explained.
According to him, the projects are then submitted for consideration by internal working groups and committees, which meet almost every week.
«It is important that if the project is still „raw“ but meets the strategic directions of the fund, they continue to work with it. In this case, companies are given recommendations to finalize the materials: prepare high-quality financial data, reporting, and, if necessary, an audit or conclusions from independent experts. After that, the project can be resubmitted and considered,» the government official made it clear.
A government representative stated that the investment in Sine Engineering could be aimed at scaling production in Ukraine, as well as developing a more comprehensive R&D component.
«That is, it is not only about access to international financing or contracts, but also about forming our own intellectual base and developing technologies within the country,» he clarified.
Perelygin confirmed that the fund intends to invest in two more projects by the end of the year, and stated that out of over 200 applications, there are approximately 20–30 fairly high-quality projects that, in his opinion, can be described as «almost ready» to attract investment.
As dev.ua wrote, the American-Ukrainian reconstruction fund will finance the Lviv defense-tech startup Sine Engineering.
Before that, Ukrainian Sine Engineering won the NATO Innovation Range showcase competition .
