Ukrainian defense startup Falcons announced on September 12 that it had secured investment from U.S. venture fund Green Flag Ventures. The deal amount was not disclosed, but fund founder Justin Ziif previously noted that investments typically range from $100,000 to $1.2 million. The funding will be directed toward certifying the ETER direction-finding system under NATO standards, expanding its production, hiring new specialists including engineers and military experts, and developing a strategy for entry into NATO markets.
According to Falcons CEO and co-founder Yehor Dudinov, the investment will enable the company to refine its electronic warfare technologies based on combat experience. Part of the capital will also be allocated to market research and production preparation, aimed at accelerating the international rollout of ETER.
Falcons was founded in 2022. Its flagship product is the tactical-level direction-finding complex ETER, which has already proven effective in combat. Ukrainian forces used it to destroy a Russian system valued at approximately $90 million. ETER is notable for its compact design, independence from GPS, and a price 30–50 times lower than Western analogues, while still providing radio coverage of more than 600 km.
Falcons previously received three grants from the Brave1 defense tech cluster in 2023, 2024, and 2025, as well as funding from an angel investor.
Green Flag Ventures was established in September 2023 and has become one of the first foreign funds to invest in Ukrainian defense technologies. Its portfolio already includes Himera, a producer of radios for the Armed Forces of Ukraine; Kara Dag, a developer of counter-drone systems; Swarmer, which builds AI solutions for drone swarm management; and Astra Nav, a navigation systems company. In September 2024, the fund announced its first investment in Himera.
