 European investors have funded two rapidly growing technology startups, Frankenburg Technologies and Tytan Technologies, which are developing low-cost air defense systems, the Financial Times reported on Tuesday.
Tytan Technologies has secured 30 million euros ($35 million) in funding, including investments from the NATO Innovation Fund, the newspaper added.
According to the report, the company will channel these funds toward increasing production capacity and expanding its product line. By the end of the year, it plans to produce 3,000 interceptors per month.Estonian company Frankenburg Technologies has also secured 30 million euros in financing, which, according to the startup’s plans, will be directed toward increasing production volumes.
