Frankenburg Technologies, the missile company building affordable guided interceptor systems in Europe has taken aim at a €100 million Series B funding round. The leak was first reported by Bloomberg today and later confirmed to Resilience Media by a source within the company.
While it is said that Frankenburg has been having talks with potential investors, no firms were named in the piece. If closed, the round may rocket the company to unicorn status by the two and a half year mark.
Earlier this year the startup closed Series A of €30 million which was led by Plural with participation from Estonian publicly-funded VC, Smartcap. The company announced at the time the goal was to produce 200 missiles daily establishing production facilities in Germany and in the UK through partnerships with the likes of Babcock.
Milrem Robotics MoU
Its latest partnership announcement came only last week when it signed a memorandum of understanding with fellow Estonian defence tech company Milrem Robotics which develops robotics and autonomous systems for defence.
Milrem will integrate Frankenburg’s Mark I missile onto its unmanned ground platforms. The Mark I is Frankenburg’s first offering of a compact precision-guided interceptor.
The partnership will ‘create a new category of distributed short-range air defence solutions designed to protect critical national infrastructure and military installations against increasingly large-scale drone threats,’ according to the joint announcement.
Speaking about the partnership Kusti Salm, CEO of Frankenburg Technologies said. “The era of scarce air defence is ending. Together with Milrem Robotics, we are putting affordable guided missiles on robotic combat platforms, enabling mobile short-range air defence at a scale and cost that was previously economically impossible.”
This story will be updated as it develops.
