Defense-tech group UForce valued at $6 billion

What they're saying: "Europe and the U.S. can only spend around 20% of what's been allocated because there isn't enough supply yet, and I don't think they're going to return to legacy systems," UForce CEO Oleg Rogynskyy tells Axios. "That's why I tend not to look at companies like Anduril as competitors. It's not a winner take all market. It's one in which we all lose if we're not cooperative, and we need more of us."

Behind the scenes: When UForce began fundraising in June, its deck included a slide of "ultimate partners" for the round. Valor, which UForce execs had briefly met in February at the Munich Security Conference, was listed first.

Other investors include Menlo Ventures, Xantium, Hiro Capital and insiders Shield Capital, Ballistic Ventures, Lakestar, and Squadra.

• Rogynskyy declined to say if any of the funding is secondary, or if the U.K. National Wealth Fund commitment comes with jobs or manufacturing requirements.