Ukrainian Swarmer to go public on 17 March, aiming to raise $15 million

Ukrainian deftech company Swarmer, which develops AI-powered solutions for drone swarms, plans to go public today, 17 March. The developer is preparing to place 3 million shares at $5 per share, according to a press release on Business Wire.

Swarmer shares will trade on the Nasdaq exchange under the ticker SWMR. Trading is scheduled to close on 18 March. Should demand warrant it, investors will be able to purchase an additional 450,000 shares. The bank partner for the IPO is US-based Lucid Capital Markets.

Swarmer expects to raise approximately $15 million from the share sale before commissions and expenses. The proceeds are intended to be used, among other things, to expand capabilities and product range, hire staff, and integrate with drone manufacturers’ hardware.

Swarmer develops AI-based software that enables the control of drone swarms. The company states that UAVs equipped with its technology have completed more than 100,000 combat sorties. The company is headquartered in the United States, with teams in Ukraine, Poland, and Estonia.

The developer previously raised $15 million in a Series A round – a record for Ukrainian defence startups. The round was led by US-based Broadband Capital Investments.