Erik Prince, founder of private military firm Blackwater, is backing Ukrainian drone software company Swarmer in a push to sell its technology to the U.S. military. He calls Ukraine the world’s leading battle laboratory.
Four years of war with Russia have driven rapid innovation in low-cost drones, software, and electronic warfare tools. Prince argues U.S. defense firms lag due to high costs and limited combat testing.
Swarmer, founded in 2023, raised $15 million in a Nasdaq IPO this week. Its shares surged nearly 500%. The firm’s software can theoretically control up to 700 drones simultaneously, though unproven at scale.
Despite no current U.S. contracts or profitability, Swarmer projects $33 million in revenue over the next two years. In 2025, it reported $300,000 in sales and over $8 million in losses.
Other Ukrainian firms are gaining traction. UFORCE, maker of Magura unmanned boats, reached a $1 billion valuation with U.S. investment. The U.S. Army recently deployed 10,000 Ukrainian-made drones in the Middle East from Project Eagle, backed by former Google CEO Eric Schmidt.
Schmidt is also an early supporter of Swarmer. Experts say conflicts in Ukraine and the Middle East prove small, smart technologies can defeat expensive traditional systems like fighter jets and missiles.