Mykhailo Fedorov, Ukraine’s 35-year-old former defence minister, is seeking investment from the United States to create a defence technology fund aimed at advancing weapons companies to help Ukraine resist Russian aggression [1, 2, 3]. The fund plans to go beyond traditional venture capital by not only investing in existing Ukrainian startups but also founding new companies using Western capital to develop critical military technologies [2, 3].
Fedorov said the initial focus will include battlefield robotics to reduce troop dependence, fast and low-cost intercept drones designed to counter Russian jet-powered attack drones, and AI-driven low-cost missile systems [2, 3]. He declined to disclose if he would have a management role or financial stake in the fund [1, 2, 3].
The former defence minister was dismissed by President Volodymyr Zelenskyy in July after six months in office, a move that triggered public protests and a political crisis in Ukraine [2, 3]. Despite the dismissal, Fedorov announced he will serve as an unpaid advisor to the Italian defence minister on innovation cooperation and may seek similar advisory roles in France and the US [2, 3].
Fedorov openly broke wartime political taboos by calling for a wartime national election and stating Ukraine was losing the war, stirring controversy at home [2, 3]. He emphasized that neither his fund nor his actions are targeted at Zelenskyy personally but aim to "update the functioning of the state," saying in Chinese, “此举不是针对泽伦斯基，也不是针对任何特定人士。这是因为我们需要…更新国家的运作系统”［s2］.
The fund, Fedorov said, wants to write "a new chapter in the war" through advanced battlefield solutions, expecting the conflict to last another two to three years [2, 3]. He also expressed willingness to help the US build a drone army if the US supplies Patriot missile interceptors to Ukraine [2, 3].
Ukraine’s new defence minister, Yevhenii Khmara, said Kyiv seeks to expedite part of a €45 billion ($52.1 billion) EU loan planned for 2027 and will lobby allies for further support [1].
On August 28, Fedorov visited Rome where he announced his role as unpaid advisor to the Italian defence minister [2, 3]. Two days later, on August 30, he publicly revealed details of the defence technology fund and his intent to attract US investment, as reported by the Financial Times [1, 2, 3].
