Daria Solovieva
UKRAINE
Back on Track: US Approves $330M Support Package for Ukraine’s Air Defense
The US State Department has approved two military sales packages to Ukraine totaling approximately $330 million, marking a shift in support dynamics compared to earlier hesitancy under former President Donald Trump. One package, valued at about $180 million, provides maintenance, spare parts, training, and upgrades for US-origin air defense systems in Ukraine, including Patriot missiles, reflecting a more cooperative approach after Trump’s initial cautious and suspended aid posture. The second package, worth roughly $150 million, supports repair and upkeep of M109 self-propelled howitzers, bolstering Ukraine’s artillery capacity. This aid underscores a pragmatic US strategy focused on allied burden-sharing and sustaining critical defense systems amid ongoing conflict, highlighting a notable reversal from Trump’s earlier reluctance toward direct military assistance. [Source: United24]
Ukraine to Mass-Produce Interceptor Drones for Frontline Defense
Ukrainian President Volodymyr Zelensky convened a high-level meeting with government, security, and military officials on July 21 to accelerate the development, production, and procurement of drones, with a special emphasis on interceptor UAVs. Zelensky instructed officials to finalize decisions by July 22, emphasizing that the planned supply volumes will strengthen Ukrainian defense and improve civilian safety across the country. He underscored personal accountability for contract fulfillment and revealed aims to mass-produce hundreds of thousands of interceptors, responding to escalating Russian drone assaults. [Source: Censor.net]
Ukraine Launches Program for Foreign Weapons Tests on Front Lines
Ukraine has introduced the “Test in Ukraine” initiative, inviting foreign arms manufacturers to send prototype weapons for real combat testing against Russian forces. Managed by the government-backed defense incubator Brave1, the program requires manufacturers to provide online training for Ukrainian troops, who then deploy the equipment and offer detailed feedback. The initiative prioritizes air defense systems, drone interceptors, AI-guided weapons, and other advanced technologies, aiming to boost effectiveness on the battlefield and expand Ukraine’s domestic defense industry. [Source: Reuters]
Ukraine’s Odd Systems, Denmark’s Terma Team Up on AI-Powered Drone Interceptors Kyiv-based Odd Systems and Danish defense firm Terma have formed a strategic partnership to develop cost-effective, AI-driven drone interceptors aimed at countering diverse UAV threats on the battlefield. Leveraging Odd Systems’ frontline-tested drones and Terma’s manufacturing scale, the alliance seeks to advance European security through autonomous air defense technology. This collaboration highlights growing Ukraine-EU defense integration amid evolving warfare challenges. [Source: Dev.ua]
Ukrainian Drone Makers Unveil Upgraded Strike Capabilities at Brave1 Demo Day
At the Brave1 Demo Day in Kyiv, Ukrainian defense firms showcased significant enhancements to their strike drones, notably the twin-engine Darts with a 12-14 kg payload and 40+ km range, and the stealthy, cost-effective Frontyr drone designed for silent, long-range autonomous missions. Both platforms emphasize improved operational endurance and crew safety, reflecting Ukraine’s focus on advancing drone warfare technology amid ongoing conflict. The upgrades highlight rapid innovation in Ukraine’s defense tech sector driven by battlefield demands. [Source: Militarnyi.com]
ODIN Win_Hit: Ukraine’s High-Speed Drone Interceptor Counters Shahed Attacks
The ODIN Win_Hit is a high-speed, quad-propeller drone designed in Ukraine to intercept and neutralize Russian and Iranian Shahed kamikaze drones. Launched from ground or aerial platforms, it cruises at around 220 km/h and can accelerate up to 300 km/h, operating with 7-10 minutes of flight time within a range of up to 3 miles. Costing less than $50,000, it offers an efficient and frontline-tested solution integrated into Ukraine’s broader anti-drone defense efforts, with active deployment on the battlefield, including use by specialized Ukrainian units. The system focuses on rapid, cost-effective countermeasures against the growing threat of low-cost, high-volume Russian drones targeting cities deep behind the front lines. [Source: Kyiv Post]
EUROPE
European defence tech is ‘booming’ as funding jumps nearly 30% in H1 2025
Venture capital investment in European defence technology startups surged nearly 30% in the first half of 2025, making it one of the continent’s hottest sectors. Germany led the funding wave, powered by a €600 million fundraising by AI specialist Helsing, putting the Munich-based company’s valuation at €12 billion. The bulk of deals targeted early-stage startups as geopolitical uncertainty and demand for both autonomous systems and next-gen battlefield software spurred a boom in sector-specific funds and increased investor risk appetite, particularly for drone, robotics, and defense-first applications. [Source: Sifted]
France to Launch Joint Drone Production with Ukraine
French defense companies will begin producing drones in Ukraine, according to Ukraine’s foreign minister and President Volodymyr Zelensky, following high-level talks in Kyiv with French officials. The announcement comes as Zelensky emphasized a major state focus on interceptor UAVs and personal accountability for contract fulfillment, aiming to rapidly scale up Ukraine’s domestic drone industry in response to continued Russian attacks. France’s commitment was highlighted by recent visits of 80 French defense firms to Ukraine and discussions on expanding broader defense manufacturing cooperation. [Source: Eurointegration]
LATVIA
Space Agency Business Incubator to Invest 1.2M Euros in Latvian Space Startups
European Space Agency Business Incubation Centre Latvia (ESA BIC Latvia) signed an agreement last month with the Central Finance and Contracting Agency of Latvia to provide a total of €1.2 million in funding to Latvian space startups. The initiative will increase support from 12 to 15 companies, offering grants of up to €80,000 per startup, which is among the highest per-company support levels in ESA’s European network. The funding combines resources from the European Regional Development Fund, the Latvian state budget, and ESA itself. Alongside financial backing, the program includes mentoring, technical assistance, business coaching, and access to ESA’s international network, aiming to stimulate innovation, job creation, and the development of Latvia’s space technology sector. Applications are open year-round with structured assessments twice yearly. [Source: Labs of Latvia]
LITHUANIA
Lithuania’s Gaming Ambitions Grow, Led by Nordcurrent
Lithuania is emerging as a promising Baltic hub for gaming startups, combining strong technical talent, low operational costs, and a supportive business environment. Nordcurrent, Lithuania’s leading game developer and publisher founded in 2002, exemplifies this success with over 50 games released and hits like Cooking Fever, which boasts nearly 250 million downloads. The company transitioned from developer-for-hire to a mobile-first, free-to-play publisher, focusing on diverse genres and inclusive design that appeals to a broad audience, including a majority-female user base. Lithuania’s gaming ecosystem benefits from increasing international talent relocation and a healthy, collaborative community focused on innovation and resilience amid a competitive global market. Nordcurrent continues expanding its portfolio with over a dozen titles in development, reflecting the sector’s growth and evolution driven by shifting gaming demographics and technology trends. [Source: Tech.eu]
ESTONIA
Lightyear Raises $23 Million to Expand AI Investment Tools in Europe
Lightyear, a fintech startup based in London and Tallinn founded in 2020 by Mihkel Aamer and Martin Sokk, secured $23 million in a Series B funding round led by NordicNinja VC, along with Superangel, SpecialistVC, Lightspeed, Skaala, and Metaplanet. The platform offers commission-free trading, fractional shares, and AI-powered investing tools, serving retail investors across 25+ countries in 10 languages and managing over $1 billion in assets. Lightyear plans to use the funds to expand into new European markets, enhance its AI investment tools, develop fractional investing options for EU stocks and funds, and scale operations to meet growing demand. [Source: Vestbee]
POLAND
Poland’s Callstack Marks Record-Breaking $138M Exit
US-based Viking Global Investors has acquired a majority stake in Polish software house Callstack, valuing the company at PLN 0.5 billion ($138 million). Founders Anna Lankauf and the Karwatka brothers exited, cashing out shares worth PLN 325 million, in a transaction hailed by Polish investor Borys Musielak the “probably the biggest exit ever by a Polish female founder.” The Wrocław-based firm, specializing in React Native development, posted strong revenues and net profit in 2023 and now looks to accelerate global expansion under new ownership. [Source: Callstack]
Polish Insurtech Trasti Raises $22.8M in Record Central and Eastern Europe Funding
Warsaw-based insurtech company Trasti secured €20.7 million in equity funding from the European Bank for Reconstruction and Development (EBRD) and Slovenian insurer Triglav Group, marking the largest insurtech investment in Poland and Central and Eastern Europe. Founded in 2020, Trasti offers a fully digital insurance platform that underwrites and distributes motor insurance products with a seamless user experience, including insurance quotes in under 10 seconds and end-to-end online claims handling. [Source: Vestbee]
KAZAKHSTAN
Kazakhstan’s Fintech Sector Booms with Startup Growth and Digital Payments Lead
Kazakhstan has rapidly emerged as a regional leader in fintech, with the number of fintech startups growing from around 50 in 2018 to 200 by 2024, driven by fierce competition and a supportive regulatory environment. The country leads Central Asia in digital finance, with non-cash payments accounting for 89% of transactions as of May 2025, fueled by a young, tech-savvy population and growing e-commerce adoption. This growth is further supported by strong collaboration between banks, government digital services, and venture capital investors, with fintech capturing 40% of all venture capital financing in Kazakhstan in 2023. The ecosystem includes advanced solutions such as tokenized payments, SME-focused fintech products, AI, blockchain, and government-tech integration, positioning Kazakhstan as a nascent regional fintech hub with significant potential for further innovation and foreign investment. [Source: Emerging Europe]
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