Broswarm raises €409,000 from NGL Ventures

Lithuanian defence technology startup Broswarm has raised €409,000 from NGL Ventures. NOOR represented the investor, NGL Ventures, in the transaction.

Broswarm is developing technology that uses radar and drones to help detect underground objects, including mines, faster and more safely. The first version of its radar has already been tested with the Lithuanian Armed Forces, with further testing planned in Ukraine.

“It is rewarding to contribute to transactions where an investment means not only business growth, but also an opportunity to accelerate the development of solutions that are genuinely needed. This time, in the defence technology sector, a very concrete need, technological progress and investor confidence came together,” says NOOR Partner Evaldas Petraitis.

Team: Partner Evaldas Petraitis.