Estonian startup Frankenburg is currently negotiating a Series B funding round, which could value the company at over €1 billion, granting it “unicorn” status. The company had previously secured €30 million in investments in February.
The funds from the new financing round will be allocated towards the development of a new air defense system, designed to function like the American Patriot missile system but at a significantly reduced interception cost.
Frankenburg asserts that their new system will address contemporary battlefield challenges, particularly the widespread use of missiles and drones.
Founded by former members of the Estonian Ministry of Defense and military experts, the startup has engineers with experience in developing European missile systems like IRIS-T and the British SPEAR 3.
Frankenburg has already developed compact and affordable missiles intended for countering strike drones and plans to ramp up production to hundreds of units per day.
