Ukrainian UGV manufacturer Tencore raised $3.7M from MITS Capital, with a valuation at over $40M

Ukrainian ground robotics manufacturer Tencore has raised $3.74 million in funding from the Ukrainian-American investment group MITS Capital, Forbes reports. According to the company’s co-founder and CEO Maksym Vasylchenko, this investment round values the company at between $40 million and $50 million.

Tencore’s flagship product is the TerMIT, a multi-purpose unmanned ground vehicle (UGV) designed for logistics, evacuation, mining, and fire support. Depending on configuration, the cost ranges from $12,000 to $50,000. Vasylchenko recently discussed TerMIT and the company’s journey in an in-depth interview with Defender Media.

In just a year and a half, Tencore has grown to a 215-person team and produced 800 robots, according to Forbes. Their clients include Ukrainian defence charities Come Back Alive, the Serhiy Prytula Foundation, and front-line brigades.

This year, Tencore secured its first government contract, though the volume remains undisclosed. The company plans to manufacture 2,000 robots in 2025, with the majority going to state procurement.

“They’re scaling incredibly fast,” says Denys Gurak, co-founder of MITS. “The founders are highly efficient and experienced manufacturers.”

According to Forbes, Tencore will direct the funds towards R&D. “We plan to hire 20 more engineers and set up a separate facility for new product development,” Vasylchenko told the outlet.

Gurak also shared that talks are ongoing with international partners to launch a joint venture in Ukraine.

Meanwhile, Tencore plans to upgrade TerMIT to comply with EU and US tech standards, and is working on a combat robot designed to fully replace a human crew on the battlefield, Forbes reports.

The company’s 2025 strategy includes expanding into dual-use tech, starting with remotely operated excavators and tractors — a direct response to the 144,000 sq. km of mine-contaminated land in Ukraine. According to the Ministry of Economy, de-mining efforts could cost up to $30 billion.