Picture: DI, September 22, 2026

Valkyr Defense Systems – From capital raising to first FMV order

Valkyr Defense Systems raised more than SEK 4 million from investors including Keystones business angels and I Love Lund. Just months later, the company has reached its next major milestone: its first pilot order for HILDR from the Swedish Defence Materiel Administration, FMV.

Valkyr Defense Systems develops autonomous Counter-UAS technology for close-range defense, with a focus on modular solutions, Swedish manufacturing and rapid development from identified operational need to deployable system.

HILDR is designed to protect troops and vehicles among other applications, against drones at close range. By relying largely on standard components, Valkyr aims to shorten the path from development to battlefield deployment while also keeping costs down.

In spring 2026, Valkyr went through the Keystones capital raising process, connecting the company with investors from Sweden and Denmark. The resulting round brought in more than SEK 4 million from Keystones members, I Love Lund and other Swedish investors.
“For us, the investment round was about much more than raising capital. It gave us the resources and backing to accelerate development and move HILDR closer to operational use. Receiving our first pilot order from FMV is an important confirmation that we are addressing a real and relevant need.”
Peter Arndt, CEO, Valkyr Defense Systems

Valkyr was also part of the first cohort of Amyna Accelerate, Ideon Science Park’s defense accelerator, connecting emerging defense companies with capital, industry partners and Nordic networks.

From investment to validation

At the end of August, Valkyr announced its first order for a pilot HILDR system from FMV. The order marks the start of a collaboration with FMV to develop a pilot product.

The pilot order is an important sign of customer interest and a concrete step towards validating HILDR for operational use.
“A particularly strong sign is when a company does exactly what the capital was raised to enable. Valkyr is now delivering on those milestones.”
Oskar Westesson, Head of Nordics, Keystones

On 22 September 2026, Valkyr was featured in the main Swedish business newspaper Dagens industri’s defense technology supplement, including on its cover.

The Valkyr case also demonstrates the value of a Nordic investment ecosystem, bringing together Swedish and Danish business angels, I Love Lund and the wider defense innovation community.

According to Dagens industri, Valkyr aims to complete development of the system by summer 2027, with series production to follow if development proceeds as planned.

Building on this progress, Valkyr is preparing a new funding round for autumn 2026, targeting a substantially higher valuation than in the spring round.

For Valkyr, the FMV order is a first step — but an important one from investment case towards real-world application.

Read more about Valkyr Defense Systems here