MITS Capital Invests $3.74M in Ukrainian Robotics Company Tencore
KYIV, Ukriane and ROME, July 11, 2025 /PRNewswire/ -- 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.
Founded in 2024, MITS Capital LLC is a Kyiv- and New York-based investment group focused on funding Ukrainian defense innovations. Its platform includes the MITS Accelerator, MITS Lightning Fund, and an investment advisory unit, with a mission to bring global capital into Ukraine's defense industrial base. According to the latest Ernst & Young report, MITS Lightning Fund is currently the largest international investor in Ukraine's DefenseTech ecosystem. As of July 2025, MITS Capital's portfolio includes 11 companies.
Tencore is a Ukrainian developer and supplier of combat-proven robotic platforms, powered by a 200+ person team. Tencore's solutions are co-developed with Ukrainian military personnel and tailored for modern battlefield conditions. The TerMIT platform features a modular architecture that adapts quickly to different mission profiles – from logistics and evacuation to engineering support (including mining and demining), and direct fire support on the front line.
Diia.City United is an industry association of over 140 Ukrainian product tech companies. Its mission is to create a global growth environment for Ukrainian tech businesses.
Launched in February 2022, Diia.City is a special legal and tax framework tailored for the technology sector. As of July 2025, it has over 2,000 registered resident companies.
Additional visual materials available here: MITS Capital Tencore
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SOURCE MITS Capital
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