Ukrainian defence startup Bravo Dynamics, which develops Phantom tactical mesh communication systems for unmanned platforms and ground robots operating in complex electronic warfare (EW) environments, has announced that it has raised $90,000 from Hede Capital Partners AB.
What Bravo Dynamics Does and Why Phantom Is a “Frontline Pain Point”
Bravo Dynamics positions Phantom as a solution for scenarios where communications fail due to electronic warfare, difficult terrain, lack of infrastructure, or the limitations of traditional communication channels. Public descriptions by the company and industry media refer to a mesh architecture (a network of nodes that relay signals) designed to maintain stable data exchange even when conventional radio communications or GNSS conditions degrade.
In 2025, specialised Ukrainian media reported on the development of the Phantom product line, including Phantom 3.0, and on claimed approaches such as adaptive frequency hopping (FHSS) and a focus on operation under EW conditions. Some sources cited planned performance characteristics, including range and frequency bands for future versions of the system, based on mid-2025 publications.
It is important to note that these parameters vary across different publications — likely depending on version or configuration — and should therefore be treated as stated or planned rather than definitive.
Funding Context: IT Arena 2025 and Earlier Tickets
Bravo Dynamics was among the projects that received investment offers during the Startup Competition at IT Arena 2025. Official event results recorded $125,000 from United Angels Network, as well as participation in a pool where Wolver Ventures and NextFrontier (New Frontier) Fund allocated investments across several startups (approximately $200,000 each, according to organisers and post-event publications).
The $90,000 round from Hede Capital appears to be an additional follow-on investment alongside previously raised funds and increased public visibility following IT Arena.
Who Hede Capital Partners AB Is and What Swedish Registry Data Shows
Hede Capital Partners AB is a Swedish company (aktiebolag) registered on 20 March 2024. Public Swedish business registries list its organisation number as 559476-8730, its address in Kungsbacka, and its activity classification under SNI 64994 (management and trading of securities for a limited group of owners).
On its official website, Hede Capital highlights a dedicated Hede Defense Tech focus. The firm states that it is building a portfolio of 3–5 Ukrainian defence-tech companies that are “battle-tested and ready to scale”, offering investors a “structured process” in cooperation with Ukraine’s public and private sectors.
At the same time, Bravo Dynamics may not yet appear in publicly available portfolio listings on Hede Capital’s website, which is not uncommon for early-stage deals or special programmes, as some funds update portfolios with a delay or showcase only selected cases.
Other Publicly Visible Hede Capital Deals: The Sky Hunter Case
One publicly confirmed example of Hede Capital’s involvement in Ukraine’s defence sector is Sky Hunter. MarketScreener, citing S&P Capital IQ data, reported that the company raised funding with participation from Front Ventures AB (publ) and Hede Capital Partners, with the round conducted at a post-money valuation of $4m using convertible preferred shares.
Separately, Swedish firm Front Ventures has referenced cooperation with the Hede Capital investor network in joint defence initiatives, including in the drone segment.
Why the Entry of Such Investors into Ukraine’s Defence Tech Is a Trend
International interest in Ukrainian defence tech has been increasing in 2025–2026, with growing emphasis on battle-tested solutions and rapid scaling. Publicly available estimates and reviews point to more than $100m in defence-tech investments in 2025 alone and the emergence of more structured institutional entry points for investors.
At the state-ecosystem level, BRAVE1 remains a key platform through which teams gain access to testing, grants, contacts, and interaction with the defence sector. Reuters has previously described the “Test in Ukraine” initiative, under which foreign manufacturers can test solutions in combat conditions and receive direct feedback.
What the Deal Means for Bravo Dynamics
Given the positioning of Hede Defense Tech, the $90,000 investment appears less as a large standalone round and more as a marker of entry into a Scandinavian investor network focused on European defence priorities and structured scaling. For Bravo Dynamics, this may imply access not only to capital but also to partnerships, pilot projects, and potential follow-on investments within the portfolio of 3–5 companies that Hede Capital has publicly stated it aims to build.
