First US-Ukraine reconstruction fund investment officially revealed
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Ukraine and the U.S. have confirmed Ukrainian defense tech startup Sine Engineering as the recipient of the first investment from a joint U.S.-Ukraine reconstruction fund, born out of last year’s famed and contentious minerals deal.
The governing board of the fund — officially called the U.S.-Ukraine Reconstruction Investment Fund, or URIF, approved the investment in Kyiv on March 25, Ukrainian Prime Minister Yuliia Svyrydenko announced on Telegram.
The company beat out more than 200 applicants to secure the fund’s inaugural investment, Svyrydenko said, adding that more than half of the applicants were Ukrainian companies.
"The U.S.-Ukraine Reconstruction Investment Fund is part of our strategic partnership with the United States. Its successful operation demonstrates that Ukraine offers unique experience and technologies and can be a successful business case," Svyrydenko wrote on Telegram.
The size and details of the investment have not yet been made public.
The Kyiv Independent first reported on March 23 that Sine Engineering would be the first investment under the fund since the agreement was inked in April 2025.
The Lviv-based firm produces satellite-independent navigation software, enabling drones to fly without relying on GPS. Its technology is being used by over 150 Ukrainian drone manufacturers, including for interceptors, Svyrydenko said.
Co-founded in 2022 by tech entrepreneur Andriy Chulyk, the company has grown from a small group of five volunteers into a 200-person team with a new European office in Finland.
Industry experts told the Kyiv Independent that Sine’s products are well regarded in the defense tech sector for being affordable and widely used by drone teams.
The company said in interviews last year that it’s looking to scale-up production and open R&D centers outside Ukraine. In particular, Sine wants to attract radio engineers in Europe to fill Ukraine’s deficit of specialists, Chulyk told DOU in an interview in September 2025.
It’s the first of three investments planned this year by the fund's backers — Ukraine's Economy Ministry and the U.S. Development Finance Corporation (DFC).
While the other two projects are still in discussions, the U.S. side has previously brought up Ukraine’s critical mineral resources and energy projects, especially hydrocarbons like oil and natural gas.
Dual-use technologies, which Kyiv has sought to make a pillar of its economy, was expected to feature among the fund's earliest investments.
DFC officials are in Kyiv this week for the fund’s third meeting where they also met with Ukrainian businesses and encouraged new applications.
The jointly managed, private equity–style fund will invest in projects spanning Ukraine’s key sectors that meet Washington’s political goals and Ukraine’s economic and political needs. Rather than leading projects, the fund will invest as a minority shareholder.
"Our goal is to mobilize private capital into the region, designed to act as a multiplier effect," Jonathan Taylor, DFC associate general counsel for direct equity and investment funds, wrote in a public statement on March 10.
