Green Flag Ventures, which supports Ukrainian startups, has announced new investments in the Ukrainian company Karadag Technologies, specializing in drone countermeasure systems and electronic warfare.
About Green Flag Ventures: The fund was launched in 2023 by American entrepreneur Justin Ziff and investor Deborah Ferlamb, who has lived and worked in Kyiv for over 10 years and was involved in launching the Ukrainian State Startup Fund.
Green Flag Ventures invests between $100,000 and approximately $1.2 million in Ukrainian startups. The fund plans to make between 5 and 8 investments by the end of 2024.
“These investments enable Karadag Technologies to meet existing demand and the growing international market. The global drone countermeasure market is projected to reach $10.57 billion by 2030, and Kara Dag is well-positioned to meet both current and future demand,” the fund’s press release stated.
About Karadag Technologies: Founded in 2023 by Ukrainian engineers and entrepreneurs from the IT sector, Karadag was established by Eric Kadyrov, who holds a Ph.D. from the University of Wisconsin-Madison, an MBA from Cornell University, and has a decade of experience in building businesses in Silicon Valley and abroad.
“KaraDag’s engineering team develops devices in the areas of detection, radio signal recognition, and triangulation for daily civilian use by tourists and forest rangers. Our expertise also includes machine learning, microcontrollers, GNU Radio, antenna development, device design, and production setup,” the company’s website states.
Among the company’s developments are drone detectors (FPV and quadcopters) — Obriy 1.2 and Obriy 1.3.
Karadag’s CEO, Eric Kadirov, remarked,
“Collaboration with Green Flag Ventures is a key moment for Karadag. It will allow us to meet existing demand, scale our operations, enhance our technologies, and expand our impact in both military and civilian sectors globally. We are very excited about this, as we aim to protect lives and enhance security through innovation.”
The amount of the investment has not been disclosed, but as noted, the fund invests between $100,000 and approximately $1.2 million.
