Russia's war on Ukraine has sparked a boom in global defense-tech investing, particularly around drones. But very few of those startups are actually based and building in Ukraine.

• Buntar Aerospace is an exception.

Driving the news: Buntar this week raised $16 million led by U.S.-based Freedom Fund VC, following a $10.4 million round earlier this year.

• The Kyiv-based company makes electric-powered reconnaissance drones that can operate without GPS, plus remote piloting software. Its products are currently in theater.

Zoom in: Buntar co-founder Bohdan Sas explains that being "local" helps Buntar shorten the feedback loop, speaking with military units daily, and also provides a deep pool of potential employees who have both civilian and combat experience.

• He also acknowledges that Buntar must take precautions unlike defense-tech startups elsewhere.
• "In Ukraine, everything can be a target. Russia has even started to target shopping malls and hospitals. But yes, we have a lot of security procedures. For example, in Ukraine we don't have one big, beautiful facility to manufacture stuff. We have many of them and they are dispersed."

Behind the scenes: Sas says a lot of the investment proceeds will be used to scale manufacturing, as Ukraine's drone demand has outpaced Buntar's supply.

• The company is likely to soon seek "tens of millions" in additional funding, with a focus on investors who can aid with international expansion. Drone warfare, Sas notes, hit critical mass in Ukraine but will not be limited to this conflict.

Fun fact: The company's name is derived from "Star Wars," as "buntar" means "rebel" in Ukrainian. Likewise, its first drone name was a linguistic riff on "Rogue One."

SpaceX (Nasdaq: SPCX) is seeking $40 billion in debt financing to buy Nvidia chips, with Apollo leading the process, per multiple reports.

Why it's the BFD: Rising rates aren't curtailing hyperscaler appetites, despite debt bubble concerns voiced today by Ray Dalio.

Zoom in: The package would include around $30 billion in investment-grade debt and another $10 billion in bank loans.

By the numbers: SpaceX shares are up nearly 16% over the past week, closing yesterday at $171.92 per share. For context, the IPO priced at $135 and the first post-IPO trades were at $150.

• Nvidia yesterday hit its own all-time high, giving it a $5.65 trillion market cap.

The bottom line: "Insurance and pension funds would be able to buy SpaceX's debt due to its BBB credit rating. ... Its bonds maturing in 2056 are trading at about 85 cents on the dollar, with a yield at about 2.27 percentage points above U.S. Treasuries, similar to the level of junk bonds." — The Financial Times

• Ledgebrook, a Boston-based specialty insurance startup, raised $200m led by Allianz X and Rockefeller Capital Management. axios.link/4y6oR8o

⚡ Type One Energy, a Knoxville, Tenn.-based fusion startup, raised $200m in Series B funding. Breakthrough Energy Ventures and Clutterbuck Capital led, joined by Lowercarbon Capital, Siemens Energy Ventures, and SiteGround Capital. axios.link/3VQ4ZJa

🚑 General Medicine, an SF-based telehealth provider and medical marketplace, raised $120m in Series B funding. A16z led, joined by Matrix, VXI Capital, Eli Lilly, Mercy Health, and BoxGroup. axios.link/4rRktsc

• Nous Research, an Austin-based developer of AI assistants for business users, raised $90m at a $1.5b valuation. Robot Ventures led, joined by Nvidia, M12, Samsung, USV, and 1789 Capital. axios.link/4jIlfpw

🚑 KymaThera, a San Diego-based precision medicine biotech focused on cancers and vascular malformations, raised $80m in Series B funding. Alta Partners led, joined by Venrock, Foresite Capital, and J. Wood Capital. Axios Pro flashback

• Stuut, an AI coworker that runs order-to-cash for enterprises, raised $52.2m in Series B funding. Insight Partners led, joined by a16z and M12. axios.link/4rNIxw9

• Furientis, a developer of lower-cost missile interceptors, raised $25m in seed funding at a $125m valuation led by Benchmark, per TechCrunch. axios.link/4hKBM9V

• Melius, an "agents lab for creative work," raised $25m. This includes a $5m seed led by General Catalyst and a $20m Series A led by CRV, with participation from Genius, Vine Ventures, and Antifund. axios.link/4y4vA2I

🚑 Rivercell, a Paris-based developer of treatment-prediction models, raised $25m in seed funding. HV led, joined by HCVC, Alven, and Bpifrance Digital Venture. axios.link/3Uhqke9

🚑 Wally, an NYC-based dental membership company, raised $25m in Series A funding, per Axios Pro. Maveron led, joined by Bling Capital and Hims co-founder Jack Abraham. axios.link/4hQMbB7

• Navra, a DeFi startup from SoFi and Figure co-founder Mike Cagney, raised $19m in Series A funding. Ribbit Capital led, joined by Baseline, DCM, and Jump Crypto. axios.link/4zij4xE

• Aventra Defense Systems, a defense-tech focused on long-range precision strike, raised $17.5m. Konvoy led, joined by Lavrock Ventures, Booz Allen Ventures, Sands Capital, Langford Industries, and debt from Western Alliance Bank. axios.link/4i4Jk8F

• Avarra, a San Mateo, Calif.-based sales automation platform, raised $17m in Series A funding. Duration Ventures led, joined by Lightspeed Venture Partners, Draper Associates, GTMfund, Alumni Ventures, and Zoom. axios.link/4i65l7c

• Siena, an NYC-based customer experience platform, raised $17m in Series A funding. York IE led, joined by Joyance Ventures, Aglaé Ventures, and Sierra Ventures. axios.link/4rOtG4G

• Noah, a London-based stablecoin payments platform, raised $16m in seed extension funding from Endeit Capital, FJ Labs, LocalGlobe, and Felix Capital. axios.link/4y8HybD

• Ampersand AI, an integration infrastructure platform, raised $15m from Bessemer Venture Partners. axios.link/4j9bwZ9

• Edonia, a French alt protein startup, raised €15m from Swen Blue Ocean 2, Asterion Ventures, and EIT Food. axios.link/4AQzpeh

• Authors First, which turns books into screen adaptations using AI, raised over $10m in seed funding. Brand Foundry and founder Robert Hamwee led, joined by Bolt Ventures (David Blitzer's family office). axios.link/4dmJyWb

• Polygrade, a Toronto-based claims management platform for the warranty industry, raised US$6.3m from Construct Capital, American Family Ventures, and Nine Four Ventures. axios.link/4i5HIvp

• Konsileo, a U.K. insurance broker, raised £5m led by Committed Capital, with ACF Investors participating. axios.link/4yqZxKF

• MintNeuro, a London-based developer of chips for brain-computer interfaces, raised $5m. Odyssey Ventures led, joined by 33East, JSK Investments, Alumni Ventures, Empirical Ventures, and Jumpspace Ventures. axios.link/4yC9fug

• Zeroset, an SF-based developer of world models for enterprises, raised $5.2m in pre-seed funding. Gradient and 2048 Ventures led, joined by Leblon Capital. axios.link/3VBX1TU

• PubX, a maker of agent-to-agent infrastructure for advertising, raised $5m in Series A funding led by Chicago Ventures. It also acquired Compliant, a media quality and governance company. axios.link/4dViVb0

🚑 Cori Clinical, a London-based clinical trials platform, raised $4m in seed funding. Breega led, joined by Enzo, Heartfelt, Together Ventures, and Bynd. axios.link/4dViIEI

• Chiplytics, a Seattle-based provider of microelectronics verification solutions, raised $2.5m in seed funding led by Scout Ventures and Waypoint Ventures. axios.link/4yDyUmD

• Advantage Investigations, backed by Align Capital Partners, acquired Fishkill, N.Y.-based NorStar Investigations. axios.link/4drsXAA

• Altaris completed its $375m take-private acquisition of drug development firm Simulations Plus, which it then merged with existing portfolio company Chemical Computing Group. axios.link/4uJ1RL9

⚡ Apollo Global Management made a non-binding bid for German state-owned energy utility Uniper, per Reuters. axios.link/3VWqloh

• Beach Point Capital Management invested in Fullers Foods, a U.K. food procurement company, with Quilvest Capital Partners exiting. axios.link/4drwZJ7

• BDT & MSD Partners agreed to acquire a majority stake in Sunrise Senior Living, a McLean, Va.-based operator of luxury senior living facilities, for around $1b. axios.link/4hz6Hal

🌎 Eurazeo agreed to acquire a majority stake in Miya Water, a Spanish provider of water efficiency solutions. axios.link/4jJrBVy

• Fumex Air Filtration Systems, backed by Vance Street Capital, acquired Filtrabox, a Montreal air filtration products maker. axios.link/4zg8uHc

• Kohlberg acquired a majority stake in Advanced Industrial Devices, a Tulsa, Okla.-based provider of automation and control solutions, from Black Bay. axios.link/4jegsMx

• SafeBuilt, backed by The Riverside Co., acquired NEIC, a building plan review and inspection agency for municipal clients in Northeast Pennsylvania. axios.link/4dqeEMA

• Samy, backed by Bridgepoint, acquired Get Engaged, an Atlanta-based social and influencer marketing agency. axios.link/3TG6HfE

🚑 Spectrum Equity invested in Symmetric, a Philadelphia-based provider of health-care supply chain intelligence. axios.link/475dMcO

• TTDS, a Gryphon Investors portfolio company, acquired Thermal Products, a Charlotte-based provider of heat transfer and process equipment solutions. axios.link/3TpzDIN

• Echo Global Logistics, a Chicago-based freight shipping logistics firm backed by TJC, plans to delay its IPO until early 2027, per Axios Pro. axios.link/4zF6719

• SAP agreed to buy TechWolf, a Belgian internal talent management platform that had raised $55m from SAP, Felix Capital, ServiceNow, Workday, Acadian Ventures, Fortino Capital Partners, Notion Capital, SemperVirens, and 20VC. axios.link/472UZyQ

• Constellation Brands (NYSE: STZ) acquired SpikedAde, a ready-to-drink vodka beverage brand, for $75m. axios.link/4dVoC8Q

🏀 EuroLeague rejected a merger offer with the NBA's upcoming European basketball league. axios.link/4i44BiS

⚡ Emera (TSX: EMA) agreed to buy Canadian Utilities (TSX: CU) for C$14.3b in stock. axios.link/4yJuoTt

• Frasers Group (LSE: FRAS) acquired an 8.8% stake in Under Armour (NYSE: UAA). axios.link/4y3h0Iz

• Third Coast Bancshares (NYSE: TCBX) agreed to acquire Oklahoma's Great Plains Bancshares for around $239.6m in stock. axios.link/3VUWtbP

• Disruptive has secured $7.5b for its next fund, which is targeting a total of $10b, per the WSJ. axios.link/4hzA5gN

🚑 Forbion, a Dutch life sciences VC firm, raised a combined €2.3b for its eighth flagship and fourth opportunities funds. axios.link/4yaaosb

• Graduate Ventures, a Dutch seed firm, secured €100m of a €125m-targeted second fund. axios.link/479951w

🚑 Sheridan Capital Partners raised $1.1b for its fourth health-care PE fund. axios.link/3UaTfAA

🌎 Colton Cray joined Lowercarbon as a principal. He previously was with Drover Ventures. axios.link/4i4C390

• Rob Sweeney is joining JPMorgan as global chair of investment banking, per Reuters. He previously was president of Sycamore Partners. axios.link/4y2S0kZ

Mattel shares yesterday took a breather, as investors try to gauge whether the Barbie maker will get bought.

Catch up quick: Mattel CEO Ynon Kreiz stepped down last week to become co-CEO of Paramount Skydance, succeeded by board member and former Condé Nast boss Roger Lynch.

• That was followed by a WSJ report that PE-backed Authentic Brands Group had made a $6 billion takeover approach.
• Ariel Investments, which holds a 5.4% stake in Mattel, then became the second activist investor this year to push for a sale — following Southeastern Asset Management back in May.