Insider Brief
- MITS Capital has invested $3.74 million in Tencore, a Ukraine-based unmanned ground vehicle (UGV) developer, marking the first Diia.City contract between a U.S. investor and a Ukrainian DefenseTech firm.
- The investment, announced at URC2025 in Rome, will fund Tencore’s production expansion and R&D of its NATO-standardized TerMIT UGV, which has over 800 units deployed and plans to scale to 2,000 units by end of 2025.
- Structured under Ukraine’s Diia.City legal framework, the deal streamlines direct international investment into Ukrainian defense companies, aiming to integrate Ukraine into NATO’s defense supply chain and attract further foreign capital.
PRESS RELEASE – Ukrainian-American investment group MITS Capital has invested $3.74 million in Tencore, a Ukraine-based developer of the multi-mission unmanned ground vehicle (UGV) platform TerMIT. The deal was announced at the Ukraine Recovery Conference (URC2025) in Rome. The investment was structured through Ukraine’s Diia.City legal regime and deployed directly into Tencore’s Ukrainian legal entity.
“MITS Capital is proud to sign the first Diia.City contract between a US investor and a Ukrainian DefenseTech company,” said Perry Boyle, CEO & Founding Partner at MITS Capital. He also emphasized that this transaction sets a precedent for many future deals to come and marks a step toward harmonizing Ukraine’s legal regime for technology investments with EU standards. The investment was enabled through close collaboration with the Diia.City government team, facilitated by the association of Ukrainian product tech companies, Diia.City United which supported all key stages of the process.
Tencore is one of Ukraine’s fastest-growing UGV developers. Its flagship platform, TerMIT, is NATO-standardized, battle-tested, and actively deployed on the front lines. The company has already produced over 800 units and intends to boost production to 2,000 units by the end of 2025. The newly secured capital will be used to scale both R&D and manufacturing capacities.
“This agreement creates a clear legal path for international investors to deploy capital directly into Ukrainian entities without workarounds,” said Denys Gurak, CIO & Founding Partner at MITS Capital. Since early 2025, Ukraine’s Diia.City, a special legal regime designed for tech companies, has expanded to the DefenseTech sector, with over 300 defense residents.
Article 29 of Ukraine’s Law “On Stimulating the Development of the Digital Economy» (also known as the “Diia City law”) provides the legal basis for convertible loan agreements, Gurak explained. Investors are further protected by contract clauses that specify the applicable law and arbitration venues, including countries whose judicial decisions are automatically recognized in Ukraine. “This mechanism makes investing in Ukrainian legal entities as secure as investing in a Delaware C-Corp or an Estonian e-Residency company,” Gurak added.
“Our goal is to get Russia out of Ukraine and Ukraine into NATO’s defense supply chain,” summarized Perry Boyle, noting that he expects to see more similar deals shortly.
