Swedish secure-communications start-up TERASi raised an €11m seed round co-led by the NATO Innovation Fund in late September, the largest of three early-stage defence rounds that together brought in about €16.6m.
All three companies build technology meant to keep military systems working when communications are jammed or cut. They raised money as European defence start-ups took in $7.4bn of venture capital in the first nine months of 2026, nearly three times the total for 2025, according to a report by Dealroom and Resilience Media.
TERASi: €11m seed
TERASi, a Stockholm-based spinout from KTH Royal Institute of Technology, makes pocket-sized radios that use millimetre-wave frequencies to create high-speed point-to-point data links, which the company says are hard to jam or intercept.
The NATO Innovation Fund (NIF), which invests in start-ups on behalf of 24 NATO allies, co-led the round with Berlin-based early-stage investor Join Capital. NIF said it was its first direct investment in Sweden. US strategic investor In-Q-Tel and Kyiv-based D3 joined as new investors, and existing backers Navigare Ventures, Almi Invest, Onsight Ventures, Further Than Capital and KTH Ventures also invested.
The round values TERASi at SEK282.2m (about €25m) post-money, according to Swedish outlet Impact Loop, which first reported the deal from the company’s filings with Bolagsverket, the Swedish companies registry. NIF partner Sander Verbrugge and Join Capital’s Simone Lavizzari have joined TERASi’s board, it reported.
TERASi said it would use the money to scale up production, grow its team and develop new products, and that it already works with the Swedish Armed Forces and the European Space Agency. Chief executive James Campion founded the company with Adrian Gomez-Torrent and Bernhard Beuerle.
Occam Industries: €3.8m
Occam Industries, which has offices in London and Kyiv, raised €3.8m (about £3.2m) in a round led by Copenhagen-based North Ventures. The company makes software that it says lets off-the-shelf military drones from different manufacturers operate without a constant link to a pilot, including under electronic warfare (EW), or jamming.
Finland’s Sparkmind and UK-based Grenadyr joined as new investors, and Antler, Presto Tech Horizons, TYR.vc and Freedom Fund invested again, according to Ukrainian outlet Defender Media, which first reported the round. Occam raised a €3m pre-seed round led by Czech investor Presto Tech Horizons in February, and puts its total funding at about €7m.
Mikkel Strandkjær, investment manager at North Ventures, told Defender Media that since that round Occam had moved from integration testing to frontline deployment, more than tripled its team and contracted “eight figures in revenue”. Occam has not disclosed its revenue.
Occam said it works with four Ukrainian drone manufacturers and 12 units of Ukraine’s armed forces. It plans to spend the money on research and development, a larger engineering team in Ukraine and entering European and NATO markets. Chief executive Gui Wainwright co-founded the company with Daniil Bash.
DoD Solution: $2.1m pre-seed
DoD Solution, an Estonian-Ukrainian company that makes an onboard computer and autonomy software for drones operating where GPS or communications are jammed, raised $2.1m (about €1.8m) in its first round, a pre-seed. No lead investor was named.
Canadian drone maker Draganfly, which is listed on Nasdaq, joined as a strategic investor. It said on 13 October that its chief executive, Cameron Chell, would join DoD Solution’s board, but did not disclose the size of its investment. The other backers are Angel One Fund, Better Angle, Defence Builder Fund, Network VC, Newfund, UAID Fund, WildField Ventures and 4C-Next Holding AG, along with angel investors.
The company plans to put the next version of its AURA onboard computer into production and to meet the requirements of the US National Defense Authorization Act (NDAA), which sets rules on the components the US military can buy, as it expands into Europe and North America. Roman Hapachylo is chief executive; Ivan Oleksii and Nazar Kravchuk founded the company in 2023.
