Swarmer buys Ukrainian combat robot manufacturer Ratel Robotics
Developer of software for autonomous drone swarms Swarmer is buying Ukrainian manufacturer of ground robotic systems Ratel Robotics. The deal, with payment in cash and stock, could be valued at up to $224 million and will become one of the largest consolidations in the Ukrainian defense technology sector.
The deal is reported by The Wall Street Journal. Swarmer was founded in Ukraine, but the parent company is now registered in the US and trades on Nasdaq under the ticker SWMR. Ratel Robotics will remain part of the rapidly growing ground unmanned systems segment.
Swarmer specializes primarily in AI software that enables groups of aerial drones to coordinate their actions with each other. The company's technology has been used in Ukraine since April 2024 and, according to Swarmer, has already been involved in more than 100,000 combat missions.
Ratel Robotics, in turn, manufactures ground robotic systems for the front line. Before the full-scale war, the team was involved in professional street lighting, and after the Russian invasion switched to military robotics.
The manufacturer's lineup includes logistics and evacuation platforms Ratel H, Ratel M and Ratel X, the kamikaze and mining robot Ratel S, robotic demining systems, mobile workshops, and other systems. In August, the company's systems performed over 1,100 missions on the front line—from delivering cargo to evacuating the wounded.
One of the key developments is the heavy platform Ratel H. It is designed for delivering ammunition and other supplies and evacuating military personnel from dangerous areas. The vehicle can carry more than 400 kg of cargo and tow up to 1.5 tonnes.
The deal will allow Swarmer to combine its own software for autonomous control of unmanned systems with Ratel's physical ground platforms. Swarmer's CEO in the US Alex Fink noted that many Ukrainian defense companies find it difficult to scale internationally on their own due to limited access to capital and infrastructure.
The chairman of Swarmer's board of directors is Erik Prince, founder of private military company Blackwater. Among the company's investors is also a structure associated with former Google executive Eric Schmidt. Prince stated that Swarmer intends to continue acquisitions and partnerships with manufacturers of defense and other technologies already proven in combat.
The acquisition takes place amid consolidation in Ukrainian defense tech. During the full-scale war, a large market of drone and robotic system manufacturers has formed in the country, but many small companies find it difficult to finance mass production and enter foreign markets.
At the same time, the use of ground robots by Ukrainian military is growing rapidly. According to the Ministry of Defense, in August alone such systems performed more than 25,000 logistics and evacuation missions, and since the beginning of 2026, about 112,000 such tasks have been recorded in the DELTA system.
Swarmer itself went public on Nasdaq in March 2026. The company placed 3.45 million shares at $5 and received about $15 million in net proceeds from the IPO. In the second quarter, its revenue was $216,000, up 56% year-on-year, while net loss increased to $7.3 million amid higher spending on development, staff, and business growth.
Sources: The Wall Street Journal, Ratel Robotics, SEC
