Ukrainian Defense Tech Startup, Falcons, Receives Investment from U.S. Green Flag Ventures
Falcons, a prominent defense technology startup from Ukraine founded in 2022 in response to the outbreak of war, has secured new funding as it continues to expand its operations. Green Flag Ventures, an LA-based firm specializing in early-stage investments for Ukrainian startups deploying AI, cybersecurity, and dual-use technologies, has become the first U.S. investor to support Falcons.
While the investment amount remains undisclosed, Svitlana Braslavska, Falcons' CMO and COO, who co-founded the company with active-duty military serviceman, CEO Yehor Dudinov, noted that the sum aligns with Green Flag's typical early-stage contributions. Green Flag Ventures has previously invested between $1.5 million and $5 million in five different startups, according to PitchBook.
Prior to this round, the company received three grants from the Ukrainian defense technology cluster Brave1, as well as early backing from unnamed angel investors. The founding team has also provided direct financial support to develop, test, and deploy Falcons’ systems on the battlefield.
This latest funding round will facilitate further business scaling and support efforts to secure NATO certification for the company’s products. The ongoing conflict in Ukraine has underscored the critical role of advanced technology, with both sides leveraging artificial intelligence and cost-effective drone solutions to track, attack, and evade opponents.
Positioned at the forefront of electronic warfare innovation, Falcons develops vertically integrated technologies, including both hardware and supporting software, designed to track activity in GPS-denied environments. Its flagship Eter system detects the direction of adversarial assets, such as drones, communications equipment, and electronic warfare tools, operating across specific radio frequencies intended to avoid detection. The company states that Eter has already demonstrated battlefield effectiveness, contributing to the confirmed destruction of a Russian system valued at approximately $90 million.
This investment is notable not only for providing Falcons with the necessary resources to grow, but also as an indication of the expanding ambitions of Ukrainian startups. These companies, often addressing urgent needs with innovative, cost-efficient solutions, are increasingly considering global market opportunities. Simultaneously, investors are recognizing and responding to demand within this sector.
“Falcons exemplifies Ukraine’s defense innovation ecosystem,” commented Deborah Fairlamb, co-founder of Green Flag Ventures. “The company has repeatedly demonstrated its capacity to design, deploy, and refine battlefield technology, shaping the future of electronic warfare defense for Ukraine and its allies.”
Securing NATO certification could position Falcons to pursue contracts with alliance members as export channels broaden. However, the immediate priority remains the Ukrainian market. “Ukraine is and will remain our main priority,” said Braslavska. “Our technology is born from the realities of this war, and our primary responsibility is to enhance Ukraine’s defense and contribute to victory.”
The urgency of these developments is underscored by recent events; for instance, Russian drones recently entered Polish airspace, an incident widely interpreted as indicative of future risks. “Regrettably, we are not surprised by these incidents,” Braslavska noted. “The incursion of Russian drones into NATO airspace underscores the need to reinforce allied counter-drone and electronic warfare capabilities and reveals the limitations of current air defense systems.” She added that modern systems, particularly those used by NATO countries, are ill-prepared for large-scale “DDoS-style” drone swarms that can quickly deplete expensive munitions, even in GPS-enabled environments.