Green Flag Ventures invests in Ukraine’s Falcons

Green Flag Ventures, the US venture capital firm, has invested in the Ukrainian defence technology company, Falcons, according to a September 12 press release. The funding will support Falcons in scaling its production and the company’s advance towards NATO certification for its products.

Falcons produces a range of radio frequency products including ETER, which is designed to provide direction finding. This means that it detects and analyses enemy radio signals, which could be a drone, radio, or electronic warfare (EW) system, and gives the operator an indication of where it is. This is valuable for many reasons. One is that shooting a drone down can be difficult and expensive compared to striking the operator. Another is that Russian EW systems can have a very disruptive effect on Ukrainian operations, and their role is to prevent drones from flying over a given area. So, finding them through their own signals can be done at relatively low risk to the Ukrainian forces. 

“This investment is proof that Ukrainian combat experience creates technologies with global relevance. Our next step is to scale ETER’s production, align with NATO standards, and deliver capabilities allies can trust. Backed by Green Flag Ventures, we can move faster from battlefield lessons to systems that strengthen the Alliance’s electronic warfare resilience,” Falcons CEO and Co-founder Yehor Dudinov said in the press release. 

In addition to NATO certification, the funding from Green Flag Ventures will support an expansion of the Falcons engineering team as well as building a NATO market-entry strategy. “Falcons is a shining example of Ukraine’s defence innovation ecosystem,” said Deborah Fairlamb, Co-founder of Green Flag Ventures. The fund has invested in several successful Ukrainian startups, including Kara Dag Technologies, Teletactica, and Himera. “The company [Falcons] has proven its ability to design, deploy, and refine battlefield technology, shaping the future of electronic warfare defence for Ukraine and its allies,” Deborah added. 

“Helping Ukraine accelerate its own weapon and EW development is key to gaining an enduring advantage over Russia. This isn’t just a Ukrainian asset – it’s a recipe for strategic advantage for the entire Alliance,” Dr. William “Dollar” Young, a former senior US military leader and expert in EW added. This is particularly true of EW, which relies on libraries of enemy signals to build an understanding of what is happening in a given battlespace. Russian signals are also evolving significantly and rapidly, so systems that are able to respond to those changes based on operational experience are important additions. 

Prior to this injection from Green Flag Ventures, Falcons had received funding from the Brave1 cluster for three years in a row, as well as some angel investment. Green Flag Ventures also invested in the latest funding round for Swarmer, another Ukrainian startup that is developing command and control solutions for autonomous systems. The company’s core product, Styx, provides users with a platform to control up to 25 autonomous systems simultaneously. The algorithms that make it work have reportedly been trained on 82,000 combat missions. 

The Series A funding round closed at $15 million (€12.6 million/£10.9 million) and follows on from an earlier round that closed at $2.7 million (€2.2 million/£1.9 million) in 2024. That round also included Green Flag Ventures, which has supported Swarmer since its founding in 2023. 

Calibre comment

Ukrainian companies are developing a range of technologies that could be valuable for Western forces. Funding like that provided by Green Flag Ventures and MITS Capital helps them to ensure that it continues to evolve and survives the war. In some cases, the companies are run by volunteers and largely self-funded. This was ok in 2022 and 2023, but many are feeling the strain after three years. The funding should help the Falcons continue their development and standardise their production so that they are able to support Ukraine’s war effort and put them into a position to support the wider defence ecosystem. 

By Sam Cranny-Evans, published on September 18, 2025.