The Swedish-Finnish defence technology company Monava has secured new capital from Gungnir Capital, Foundry Ventures and Hede Capital to scale up its AI-based technology for acoustic drone detection. The capital will be used to commercialise the product and expand operations to meet growing demand.
According to a press release from Monava, the company is developing a passive system that uses acoustics and AI to detect, track and classify drones. The company states that the systems are already in use in the Nordic region and in Ukraine, and that they have been tested in close cooperation with armed forces.
"The drone threat is developing faster than most defence systems can keep up with. Demand for our technology is now increasing sharply, and the number of enquiries about our sensors daily exceeds our expectations. With Gungnir Capital, Foundry Ventures and Hede Capital behind us, we can accelerate development and meet demand from European defence customers," says Monava's CEO Alexander Hebbe in the company's press release.
Gungnir Capital becomes the largest investor in the funding round, and the fund's managing partner Max Villman is simultaneously joining Monava's board of directors.
"Monava solves a real operational problem with technology that works in the field, and that is exactly the type of company Gungnir Capital exists to back," says Max Villman in the same press release.