Dorozvidka #77: Swarmer–Ratel deal details, 1,000 Brave1 grants, Perry Boyle, private air defence and UGVs vs pickups

In this week’s Dorozvidka:

• Swarmer–Ratel Robotics deal: Ratel’s owners will receive between $7.2 million and $14.4 million in cash, with the rest paid in shares;
• 81 companies have joined Ukraine’s private air defence initiative;
• Brave1 has awarded more than 1,000 grants worth UAH 6.2 billion over three years;
• What MITS Capital CEO Perry Boyle said in his speech at YES;
• Drapatyi briefed Zelenskyy on a successful test of an interceptor targeting jet-powered Shaheds;
• Off-road challenge: UGVs take on pickups and an SUV.

Swarmer–Ratel Robotics deal: Ratel owners to receive $7.2m–$14.4m in cash, with the rest paid in shares

Last week, Ukrainian-American company Swarmer announced the acquisition of Ukrainian UGV and UAV manufacturer Ratel Robotics. The deal is valued at $224 million. The companies plan to develop a universal platform for launching UAVs, according to the buyer. Swarmer CEO Alex Fink also said the company plans further M&A deals.

Further details of the deal were later published in a Swarmer SEC filing. The document states that $224 million is the maximum deal value, while the actual amount could be lower and is tied to Ratel Robotics’ financial performance.

Upon closing, Ratel Robotics’ owners will receive $7.2 million in cash, plus another $7.2 million if Ratel meets its 2026 revenue and operating profit targets.

In addition to the $7.2 million in cash, Ratel Robotics shareholders will receive about 1.065 million Swarmer shares at closing. If Ratel meets its 2026 revenue and operating profit targets, shareholders will receive up to another 4.4 million shares.

Following the deal, Ratel founder Taras Ostapchuk will remain CEO of the UGV manufacturer, according to the SEC filing.

81 companies join Ukraine’s private air defence initiative

The Defence Ministry reports that 81 companies have now joined the initiative. As recently as mid-July, the number stood at 51.

The Defence Ministry launched the experimental project in late 2025 to provide additional protection for facilities regularly targeted by enemy drones.

A total of 92 companies from various sectors and regions of Ukraine have applied to join the experimental project.

Brave1 awards more than 1,000 grants worth UAH 6.2bn over three years

Since 2023, Brave1 has awarded more than 1,000 grants worth a total of over UAH 6.2 billion ($140 million), according to the state defence innovation cluster. Brave1 has also played a key role in the emergence of entire technology areas, including interceptor drones, unmanned ground vehicles (UGVs), short-range electronic warfare systems and automated turrets.

Brave1 is now working with the Defence Ministry and the Defence Forces to address the most pressing battlefield needs, including accelerating the development of high-speed interceptors and low-cost air-defence missiles.

According to a survey of defence tech manufacturers conducted as part of a study by the Better Regulation Delivery Office (BRDO), Brave1 grants increase a product’s technology readiness level by an average of 1.7 points on the TRL scale, where 1 is an idea and 9 is a production-ready system.

Brave1 grants are non-repayable and do not require companies to transfer equity or intellectual property rights to the state, the cluster notes. Some 79% of respondents said they would not have been able to find comparable support elsewhere.

In addition to financial support, Brave1 helps companies with testing, obtaining feedback from the military, establishing partnerships and getting their technologies into the armed forces.

What MITS Capital CEO Perry Boyle said at YES

MITS Capital co-founder and CEO Perry Boyle said Ukraine cannot defeat Russia by relying on air defence alone. He made the point during his speech at the Yalta European Strategy (YES) conference, as reported by Kyiv Post.

According to Boyle, Ukraine’s partners should support strikes against Russia’s economy and the factories that produce missiles. He said that once a Russian missile has been launched, Ukraine does not have enough air-defence capabilities to stop it, and should therefore make fuller use of its long-range strike capabilities.

Boyle also criticised the conditions for foreign investment in Ukraine’s defence tech sector. He said Ukraine’s policies favour foreign companies operating in the country, while investment in Ukrainian companies remains insufficient. At the same time, he said MITS’s portfolio had grown to several dozen companies supplying the Defence Forces of Ukraine.

Drapatyi briefs Zelensky on successful test of interceptor targeting jet-powered Shaheds

On Sept. 15, Ukrainian President Volodymyr Zelensky met with Armed Forces Commander-in-Chief Mykhailo Drapatyi. Drapatyi reported a “successful test of another interceptor against Russian jet-powered drones”, according to Zelensky.

The interceptor successfully hit a Shahed, although some aspects of its control still need to be improved, Zelensky said.

Zelensky, Defence Minister Yevhen Khmara and Drapatyi also identified the next priority targets for long-range strikes against Russia.

Off-road challenge: UGV vs pickup and SUV

Ukrainian Armor organised a competition between pickups, an SUV and a UGV to determine which vehicle would perform better in off-road logistics missions.

The video puts the Protector UGV, Subaru Outback, Jeep Wrangler and Changan Hunter through the same set of tests. They were assessed on diagonal wheel lift, off-road acceleration and climbing a sandy hill. The vehicles also competed in a timed rally.