Denmark invests $5 million in the development of innovations in the defense sector of Ukraine

The Danish Export Investment Fund (EIFO) has announced a $5 million investment in the defense technology venture fund D3 to support Ukrainian defense tech, according to a statement from the Ukrainian government.

"The investment will foster innovation in the defense sector in Ukraine and Europe by financing the development and scale-up of new defense technologies, including drones, sensors, mine clearance and artificial intelligence solutions," the statement said.

It was clarified here that D3 acts as a kind of intermediary between Ukraine and partner countries, connecting startups with the capital and partnerships necessary to scale cutting-edge technologies. The partnership between D3 and EIFO will have additional benefits for Denmark, opening up Danish companies access to new technologies, Ukrainian experience and partnerships.

"EIFO is the first foreign sovereign wealth fund to invest in D3. At the same time, EIFO is implementing a guarantee system for investments in Ukraine's defense industry with a total budget of DKK 1 billion (USD 157 million)," the government noted.

The Cabinet of Ministers recalled that founded by Evelyn Buchatska, Anton Verkhovdov, and Elya Chiechieva in the summer of 2023, D3 aims to finance startups in such areas as unmanned aerial vehicles, autonomy, robotics, electronic warfare, and demining.