Startups ranked by AI-estimated valuation
Ukraine’s 17 most valuable startups
A quarterly ranking of non-listed Ukrainian startups that have already raised funds, established by artificial intelligence from public information. The market sets the value; AI models estimate it.
Listed benchmarks
Kyivstar Group · Telecom and digital services · Nasdaq · KYIVSwarmer · Drone autonomy and swarming software · Nasdaq · SWMR
Not ranked: no intention is possible on a listed company.
The market at a glance
17companies ranked
4companies on the radar
about USD 500Mraised in 2025
about 90 disclosed dealsrounds in 2025
Ukrainian tech companies raised about USD 500M in 2025 across some 90 disclosed deals, and defence tech more than doubled to about USD 130M. The first quarter of 2026 was a record, with at least USD 400M over 29 rounds, led by Preply and Uforce. Sources: InVenture, Ukrainian startups attracted USD 526M in 2025 (Jan 2026), AVentures Capital DealBook of Ukraine 2025, via InVenture (Jan 2026), InVenture / Ministry of Digital Transformation, defence tech 2025 (Dec 2025). Intention counters will be shown above a threshold of amount and number of Backers.
National ranking · all sectors
Snapshot18 Oct 2026A snapshot taken on 18 Oct 2026
This ranking shows the startups as they stood on 18 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 7 Dec 2026.
Spotted a more recent round? Tell us →First edition: no movements yet.
This ranking shows the startups as they stood on 18 Oct 2026. Funding rounds, valuations and other events announced after that date are not included yet. They will be taken into account in the next edition, scheduled for 7 Dec 2026.
Spotted a more recent round? Tell us →First edition: no movements yet.
By sector29% Deeptech & space23% AI12% Healthtech6% Business software6% Commerce6% Cybersecurity6% Edtech6% Fintech6% Media & gaming
| # | Company | Sub-sector | Known funding | Estimated valuation (AI) · range | Pool of InterestsInterest: a free, non-binding declaration on a company, or on a sector within an area, made during the free phase of a pool. Pool: all the Interests declared on the same target. This column shows the number of Backers and the combined amount of their tickets, to validated members only. Terms for Backers → | BackBacking a startup on Uback (pronounced “you back”) can be done in two ways: Interest · free: a non-binding declaration that signals your demand for a company or a sector. You can move or withdraw it at any time, with up to 5 at once. Intention · coming soon: a paid, confirmed declaration, still non-binding. Once its pool reaches critical mass, it is presented to a company by a partner desk. Neither is an order nor a commitment to invest. Terms for Backers → |
|---|---|---|---|---|---|---|
| 1 | UforceKyiv and London · founded 2025 Makes the Magura naval drones; formed from Ukrainian drone makers under a London holding, with main operations in Ukraine. |
Defence tech › naval drones and unmanned systems | USD 50M raised Seed · USD 50M · Mar 2026 (Shield Capital, Lakestar; Ballistic Ventures), at above USD 1bn; registered in London |
Last known equity round: Seed · USD 50M · Mar 2026 (Shield Capital, Lakestar; Ballistic Ventures) Published valuation: USD 1bn (Mar 2026)Method |
Be the first | Back |
| 2 | Fintech FarmKyiv · founded 2021 About 250 staff with offices in Kyiv and Dnipro; neobanks Leobank, Simbank, Roarbank and Liobank. |
Fintech › neobank-as-a-service in emerging markets | USD 60M+ raised Series B · USD 32M · May 2024 (Nordstar; Bank of Georgia), equity and debt split not disclosed |
Last known equity round: Series B · USD 32M · May 2024 (Nordstar; Bank of Georgia)Method | Be the first | Back |
| 3 | HolywaterKyiv Says it tripled revenue in 2025; FOX committed to produce 200+ vertical titles for My Drama. |
Consumer apps › vertical microdramas & AI content | USD 22M+ raised Series A · USD 22M · Jan 2026 (Horizon Capital; Endeavor Catalyst, Wheelhouse) |
Last known equity round: Series A · USD 22M · Jan 2026 (Horizon Capital; Endeavor Catalyst, Wheelhouse)Method | Be the first | Back |
| 4 | Buntar AerospaceKyiv · founded 2023 Founded by Ivan Kaunov and Bohdan Sas; Axon Enterprise and Munkene AS invested USD 10.4M in August 2026. |
Defence tech › reconnaissance drones | USD 30M raised Funding round · USD 16M · Oct 2026 (Freedom Fund and an international private equity fund), EUR 14.3M; Axon invested earlier in 2026 |
Last known equity round: Funding round · USD 16M · Oct 2026 (Freedom Fund and an international private equity fund)Method | Be the first | Back |
| 5 | Liki24Kyiv · founded 2017 2.5M+ customers in nine countries; about 60% of revenue from Europe; 150-200 employees. |
Healthtech › online pharmacy delivery marketplace | USD 19M+ raised Series A · USD 9M · Jul 2025 (TA Ventures; ICLUB, u.ventures, N1 Ventures), EUR 7.6M |
Last known equity round: Series A · USD 9M · Jul 2025 (TA Ventures; ICLUB, u.ventures, N1 Ventures)Method | Be the first | Back |
| 6 | Farsight VisionLviv · founded 2023 Received about EUR 1.7M in Estonian grants before the seed round. |
Defence tech › AI mapping and geospatial intelligence | USD 8.5M+ raised Seed · USD 8.5M · Feb 2026 (Axon Enterprise, SmartCap Defence Fund), EUR 7.2M |
Last known equity round: Seed · USD 8.5M · Feb 2026 (Axon Enterprise, SmartCap Defence Fund)Method | Be the first | Back |
| 7 | CargofyKyiv About 90% of staff are Ukrainian; plans hubs in Germany, the Netherlands, France, Spain and the US. |
AI › logistics automation agents | raised Series A · USD 6M · Jun 2026 (u.ventures, Toloka, Movens Capital), plus USD 5M of secondary shares |
Last known equity round: Series A · USD 6M · Jun 2026 (u.ventures, Toloka, Movens Capital)Method | Be the first | Back |
| 8 | RefaceKyiv Raised non-dilutive growth financing from PvX Partners in Dec 2025 to scale its AI apps. |
Generative AI › consumer face-swap & photo apps | USD 5.5M+ raised Seed · USD 5.5M · Dec 2020 (Andreessen Horowitz), non-dilutive financing of 2025 not counted |
Last known equity round: Seed · USD 5.5M · Dec 2020 (Andreessen Horowitz)Method | Be the first | Back |
| 9 | PeopleForceKyiv · founded 2019 1,300+ client companies in 30 countries, including Ajax Systems, eSky Group and Brand24. |
HR tech › HRIS software for SMEs | USD 7M+ raised Pre-Series A · USD 5.4M · Apr 2025 (Pracuj Ventures, u.ventures) |
Last known equity round: Pre-Series A · USD 5.4M · Apr 2025 (Pracuj Ventures, u.ventures)Method | Be the first | Back |
| 10 | Esper BionicsKyiv · founded 2018 Engineering, design and production in Kyiv. |
Medtech hardware › bionic prostheses | USD 5M+ raised Seed · USD 5M · Jun 2024 (YZR Capital; EBRD, u.ventures) |
Last known equity round: Seed · USD 5M · Jun 2024 (YZR Capital; EBRD, u.ventures)Method | Be the first | Back |
| 11 | TencoreKyiv Maker of the TerMIT ground robot. |
Defence tech › ground robots (UGV) | USD 3.7M+ raised Seed · USD 3.7M · Jul 2025 (MITS Capital) |
Last known equity round: Seed · USD 3.7M · Jul 2025 (MITS Capital)Method | Be the first | Back |
| 12 | OsavulKyiv · founded 2022 | Security › AI information-threat analytics | USD 3M+ raised Seed · USD 3M · Sep 2024 (42CAP, u.ventures, SMRK) |
Last known equity round: Seed · USD 3M · Sep 2024 (42CAP, u.ventures, SMRK)Method | Be the first | Back |
| 13 | CompeteraKyiv More than 50 retail customers in 18 countries. |
Retail tech › AI price optimisation | USD 4.5M+ raised Seed · USD 3M · Jan 2024 (STRATMINDS, Flyer One Ventures, SMRK) |
Last known equity round: Seed · USD 3M · Jan 2024 (STRATMINDS, Flyer One Ventures, SMRK)Method | Be the first | Back |
| 14 | Let's EnhanceKyiv · founded 2018 Claid.ai is the company's API product for marketplaces; Let's Enhance is the consumer upscaler. |
AI › image enhancement for e-commerce | USD 3M+ raised Seed · USD 3M · Oct 2021 (Chamaeleon) |
Last known equity round: Seed · USD 3M · Oct 2021 (Chamaeleon)Method | Be the first | Back |
| 15 | HimeraKyiv · founded 2022 | Defence tech › secure tactical communications | USD 3M+ raised Seed · USD 2.5M · Dec 2025 (Green Flag Ventures; Nezlamni Fund) |
Last known equity round: Seed · USD 2.5M · Dec 2025 (Green Flag Ventures; Nezlamni Fund)Method | Be the first | Back |
| 16 | Mate academyKyiv Offices in Ukraine and Poland; founders launched studio Rist Labs, whose Kodree is a separate company. |
Edtech › online IT bootcamp | USD 1.9M+ raised Seed · USD 1.9M · Nov 2021 (Horizon Capital) |
Last known equity round: Seed · USD 1.9M · Nov 2021 (Horizon Capital)Method | Be the first | Back |
| 17 | RespeecherKyiv Voice work credited on productions such as Lucasfilm's Star Wars series. |
AI › voice cloning | USD 2.5M+ raised Pre-Series A · USD 1M · Dec 2023 (ff Venture Capital) |
Last known equity round: Pre-Series A · USD 1M · Dec 2023 (ff Venture Capital)Method | Be the first | Back |
Back · Backing on Uback (pronounced “you back”) means declaring an Interest (free) or an Intention (coming soon). Backing does not mean that this company is raising funds or that a shareholder is selling shares, and it is not a commitment to invest. Any deal, through a funding round or a sale by an existing shareholder, is handled by a partner desk: the Fundraising Desk of the country for a round, the Secondary Sales Desk assigned to the company for a sale. · Terms
Ranking in descending order of AI-estimated valuation, based on public information, with no human intervention on the order. The valuations, ranges and brackets shown are editorial estimates produced by AI, purely indicative and imperfect by nature: neither a financial valuation, nor an offer, nor investment advice. Only the market sets a company’s value, through a funding round or a sale. Ranking established by Claude (Anthropic) from public information, following the published rules. A consensus of several AIs will apply from 1 December 2026. Eligibility: at least $1M raised in equity, non-listed company, main operations in Ukraine. Request a correction
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How to read this ranking
Rank
Companies are ranked by AI-estimated valuation, highest first. The market sets the value; AI models estimate it.
Estimate
An AI-estimated valuation, its uncertainty range and its order of magnitude. Indicative, and imperfect by nature.
- Hundreds of k$
- Millions $
- Tens of M$
- Hundreds of M$
- Unicorn
- Decacorn
- Hectocorn
Rankings by sector
Four verticals at launch, more when the feasibility test allows.Coming soon · Top 10
Defence tech
Drones, interceptors, counter-drone systems, robotics and battlefield software.
Coming soon · Top 10
AI & software
Synthetic voice, image enhancement, pricing, HR and disinformation analytics.
Coming soon · Top 10
Consumer apps & edtech
Mobile entertainment, generative video apps and coding schools.
Coming soon · Top 10
Fintech, health & logistics
Digital banking, pharmacy delivery, bionic prosthetics and freight.
AgritechGamingCybersecurityProptechClimate
The Uback Fundraising Desk in Ukraine
Introductions made by a Fundraising Desk partner, currently being selected
An adviser licensed by the NSSMC (National Securities and Stock Market Commission of Ukraine), the only party entitled to present Backers’ demand to companies for their funding rounds. Sales of existing shares are handled by Secondary Sales Desks, assigned company by company. Uback remains a media: it ranks and aggregates intentions, it takes part in no transaction.
—deals worked on
—deals closed
—average response time
Capital raising advisers
Become Uback’s Fundraising Desk partner in Ukraine
- Foreign investors you would not find on your own
- Your name on every ranking of the country
- Backers’ demand on each company, before its round opens
- The “Uback Fundraising Partner in Ukraine” title on your profiles
Radar · known eligible companies, not ranked
Sorted by date of last round, with no judgement and no AI call. Undisclosed amount: the round is confirmed by the press, not its amount.
- Headway · Edtech › microlearning appsSeries A · Jul 2025 and Apr 2026 (Bullhound Capital; Horizon Capital, Endeavor Catalyst); amounts undisclosedBack
- The Fourth Law · Defence tech › drone autonomy AIStrategic investment · Feb 2026 (Axon Enterprise); amount undisclosedBack
- Limitless · Fintech › crypto prediction marketSeed · USD 10M · Oct 2025 (1confirmation; Coinbase Ventures, F-Prime); instruments not confirmed as equity, platform token launchedBack
- Ajax Systems · Security hardware › wireless alarm systemsGrowth investment · USD 10M · 2019 (Horizon Capital), purchase of existing shares; no primary round disclosed sinceBack
Born in Ukraine, based elsewhere
Companies of Ukrainian origin whose main operations are now abroad: not ranked, shown with the law governing their shares.
- Superhuman (Grammarly) · AI › writing and productivity assistant
Founded in Kyiv in 2009; HQ in San Francisco (ranked in United States)Last equity: 2021 round (USD 200M) at USD 13bn; the USD 1bn from General Catalyst's Customer Value Fund in May 2025 is growth financing, not equity. Acquired Coda (Jan 2025) and Superhuman (2025); renamed Superhuman in Oct 2025.Back - Preply · Edtech › online language tutoring marketplace
Founded in Kyiv in 2012; HQ in the United States, offices in Barcelona, London, New York and Kyiv (ranked in United States)Series D · USD 150M · Jan 2026 (WestCap; EBRD, Horizon Capital), at USD 1.2bnBack - Restream · Media tech › multistreaming software
Founded in Vinnytsia in 2015; incorporated and HQ in Austin, Texas (ranked in United States)Series A · USD 50M · Aug 2020 (Sapphire Ventures, Insight Partners)Back - Petcube · Consumer hardware › connected pet cameras
Founded in Kyiv in 2012; HQ in San Francisco, offices in Kyiv and Shenzhen (ranked in United States)Series A · USD 10M · c. 2017 (Almaz Capital, AVentures Capital, Y Combinator); date unverifiedBack - Mobalytics · Gaming › esports performance analytics
Co-founded by Ukrainians Bogdan Suchyk and Mykola Lobanov; HQ in Los Angeles, team partly in Ukraine (ranked in United States)Series A · USD 11.25M · Jul 2020 (existing investor lead; Almaz, Founders Fund, General Catalyst, GGV; T1)Back - Jiji · Marketplaces › online classifieds in Africa
Founded by Ukrainians Anton Volyanskiy and Vladimir Mnogoletniy; operates from Lagos, Nigeria (ranked in Nigeria)Series C · USD 21M · Dec 2019 (Knuru Capital lead; earlier Digital Spring, Horizon Capital, TA Ventures)Back - Haiqu · Deeptech › quantum computing software
Founded 2022 by Ukrainian physicist Mykola Maksymenko with Richard Givan; HQ New York, R&D in Lviv (ranked United States)Seed · USD 11M · Jan 2026 (Primary Venture Partners lead)Back - Dropla · Defence tech › autonomous demining drones
Founded 2023 by Ukrainians; HQ Odense, Denmark, R&D in Ukraine (ranked Denmark)Pre-seed · EUR 2.4M · Aug 2025 (Maj Invest, EIFO, Final Frontier)Back
Not ranked
- Fire Point · No completed outside equity: EDGE Group (UAE) deal for 30% at USD 760M (~USD 2.5bn valuation) not approved by AMCU (filing returned Jan 2026); Denis Shtilerman declares 97.5%; NABU probing alleged Mindich ties
- Skyeton · No verified outside equity: only an unsourced USD 3.5M 'seed' on an aggregator (Kalyna Capital / Green Flag); reported IPO plans and alleged Mindich links (Obozrevatel)
- Vyriy Industries · Financed through corporate bonds (UAH 1bn+ via Inzhur MilTech fund, 2026), i.e. debt; no outside equity disclosed
- Uklon · Bought by Kyivstar (97%) in April 2025 for more than USD 155M.
- Tabletki.ua · Bought outright (100%) by Kyivstar for USD 160M; closed Feb 2026.
- Helsi · Controlled by Kyivstar since Aug 2022 (69.99% for USD 15M), raised to 97.99% in Aug 2025.
- monobank · Created by founders with Universal Bank (TAS group) as the licensed bank; no outside equity round (created by a group).
- NovaPay · Fintech subsidiary created by the Nova Poshta group.
- MacPaw · Bootstrapped: no outside equity investors.
- Readdle · Bootstrapped: no outside equity investors.
- Jooble · Bootstrapped: grown without outside investors; remains Ukrainian-owned.
- Rozetka · Founder-owned e-commerce group without disclosed outside equity; absorbed EVO Group
- GSC Game World · Self-funded game studio, no outside equity round.
- Augmented Pixels · Bought by Qualcomm in January 2022
- Unicheck · Bought by Turnitin in 2020.
- Elai.io · Bought by Panopto (US) in Oct 2024
- Allset · Bought by SoundHound AI in Jun 2024 (est. USD 35-40M)
- Portmone · 100% bought by Kaspi.kz in 2021; Kaspi resold it to an undisclosed third party in Sep 2025
- 4A Games · Bought by Saber Interactive (2020)
- BetterMe · Genesis-built company; no outside equity found
- SKELAR companies · Venture-builder companies created by SKELAR; no outside equity found
- Hacken · Funding via HAI token and tokenized equity; token sales never count, no equity round >= USD 1M found
- Kodree · USD 10M (Mar 2026) from PvX Partners, a growth-financing platform: not shown to be equity
The method in Ukraine
Calendar. Quarterly ranking, published on the 7th of March, June, September and December. Next edition: December 7, 2026.
Eligibility: at least $1M raised in equity, non-listed company, main operations in Ukraine.
Fundraising Desk sought. An adviser licensed by the NSSMC (National Securities and Stock Market Commission of Ukraine).
Sources. Ukrainian and international business and technology press (AIN.Capital, Forbes Ukraine, Mezha, dev.ua, Brave1, TechCrunch, Bloomberg, Reuters), company and investor announcements.