MITS Graduates First Batch of its Acceleration Program and Opens Applications for Ukrainian Defense Tech Startups for Batch 2

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Sep 17, 2024, 08:39 ET

KYIV, Ukraine, Sept. 17, 2024 /PRNewswire/ -- MITS Capital, in partnership with American University Kyiv, has completed the first cycle of its MITS Accelerator Program. Through the program, each participating startup received $200,000: $100,000 in direct investment in the company and $100,000 in unique expertise and services.

Following the successful graduation of the first cohort, MITS has announced an open call for Batch 2 of the accelerator program to continue shaping Ukraine's defense tech ecosystem. Ukrainian defense startups can apply via the form or through the MITS website until October 6, 2024.

The acceleration program has two stages, each lasting three months: business acceleration, which covers business education and specifics of defense production, and post-acceleration support, which aims to prepare companies for future exports and attract foreign investment.

MITS is looking for teams with a working MVP (Minimum Viable Product, TRL 4-6 Levels) or who are as close to a functional product as possible.

The following startup categories will be targeted for acceleration in this phase:

Ground robotic systems
Unmanned aerial vehicles
Unmanned surface vehicles
Unmanned underwater vehicles
Electronic warfare (EW)
Communications, optical, and acoustic reconnaissance equipment Military transport
Mining/demining equipment
Software, AI, and cybersecurity solutions
Ammunition
Laser Weaponry
Equipment for the "soldier of the future"

MITS' co-founder Parry Boyle stated: "By creating the first defense-tech accelerator in Ukraine based on the Y-Combinator model, we have proven that Ukraine is not just catching up, but becoming a leader in the development of innovative defense technologies. The world will see that we are not only the new Silicon Valley for drones but also a powerful center of research and development for the global democratic community."

MITS' Supervisory Board Member David Bonfili added "MITS inaugural accelerator program has featured some truly impressive Ukrainian defense-tech startups with the kind of drive that comes from defending your homeland and a level of technical competence that is without question world-class."

About MITS:

MITS is an international defense fund and accelerator with the objective of raising substantial capital for the Ukrainian defense industry in the shortest possible time frame to enable the production of the necessary defense products for the armed forces.

The Co-founders of MITS are Perry Boyle, a former member of the Executive Committee of Point 72, LP, Anton Melnyk, co-founder of the Association of the technological ecosystem of Ukraine "Techosystem", former top manager of the Ministry of Digital Transformation, and Denys Gurak, former top manager of Ukrainian Defense Industry. The managing partner at MITS Accelerator is Alina Lovchynovska, IT entrepreneur, Head of Cloud Services Department of NIX company.

The MITS Supervisory Board includes prominent representatives of the U.S., NATO and European defence:

Ernest J. Herold, former NATO Deputy Assistant Secretary General for Defense Investment;
Dr. Phillip Karber, former strategic advisor to the U.S. Secretary of Defense, NATO Secretaries General and governments; former foreign policy advisor to British Prime Minister Margaret Thatcher.
David Bonfili, co-founder of ACME General Corp., who has held senior positions at investment companies Citadel, BlackRock and Two Sigma, and was a research fellow at the Institute for Defense Analyses.
Monique Brown, Chief of Strategy and Business Development at Actus Advanced Systems. Former Regional Director, International Business Development at Lockheed Martin;
Dmytro Sholomko, 17 years of experience as Google's Country Director in Ukraine and Eastern Europe;
Alan Merbaum, Aerospace and Defense executive with over 35 years engineering and business development experience at Lockheed Martin. Member of the US Delegation to the NATO Industrial Advisory Group (NIAG), and Deputy Chair, International Division of the National Defense Industry Association (NDIA).