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Russia’s full-scale invasion of Ukraine in February 2022 was a wake-up call for Europe. After years of underinvestment in defense, governments suddenly faced the reality of war on European soil. It created a renewed sense of urgency to strengthen military capabilities and secure the continent’s future.
“At the time, there was a real inflection point in defense,” says Christian Saller, general partner at HV Capital. “It became clear that not only would defense spending increase, but that a growing share of that investment would go towards new unmanned systems and digital technologies and software, rather than traditional tanks and fighter jets.”
What was happening in Ukraine was a new kind of warfare, one that required technologies that could be developed, tested and deployed quickly on the battlefield.
HV Capital recognized an early opportunity in Quantum Systems, a Munich-based drone company co-founded in 2015 by former Bundeswehr helicopter pilot and aerospace engineer Florian Seibel.
Before 2022, the startup had achieved steady growth by developing drones mainly for civilian uses, capable of reconnaissance, intelligence gathering, search-and-rescue support, and target tracking. But the outbreak of war in Ukraine brought the company into the spotlight.
In early 2023, Quantum Systems secured a major follow-on order for its Vector drones from the Ukrainian Ministry of Defense, which were funded by the German government.
“Quantum Systems had exceptionally strong technical capabilities,” says Christian. “From the beginning, it was clear the company had the potential to become a leader in the space.”
In October 2023, HV Capital co-led a €64m funding round with DTCP. From there, the company’s growth accelerated dramatically. Over the following year, Quantum Systems raised a further €340m across multiple rounds and skyrocketed to €3bn.
Today, it’s one of only a few European defense tech unicorns.
Russia’s full-scale invasion of Ukraine in February 2022 was a wake-up call for Europe. After years of underinvestment in defense, governments suddenly faced the reality of war on European soil. It created a renewed sense of urgency to strengthen military capabilities and secure the continent’s future.
“At the time, there was a real inflection point in defense,” says Christian Saller, general partner at HV Capital. “It became clear that not only would defense spending increase, but that a growing share of that investment would go towards new unmanned systems and digital technologies and software, rather than traditional tanks and fighter jets.”
What was happening in Ukraine was a new kind of warfare, one that required technologies that could be developed, tested and deployed quickly on the battlefield.
HV Capital recognized an early opportunity in Quantum Systems, a Munich-based drone company co-founded in 2015 by former Bundeswehr helicopter pilot and aerospace engineer Florian Seibel.
Before 2022, the startup had achieved steady growth by developing drones mainly for civilian uses, capable of reconnaissance, intelligence gathering, search-and-rescue support, and target tracking. But the outbreak of war in Ukraine brought the company into the spotlight.
In early 2023, Quantum Systems secured a major follow-on order for its Vector drones from the Ukrainian Ministry of Defense, which were funded by the German government.
“Quantum Systems had exceptionally strong technical capabilities,” says Christian. “From the beginning, it was clear the company had the potential to become a leader in the space.”
In October 2023, HV Capital co-led a €64m funding round with DTCP. From there, the company’s growth accelerated dramatically. Over the following year, Quantum Systems raised a further €340m across multiple rounds and skyrocketed to €3bn.
Today, it’s one of only a few European defense tech unicorns.
Quantum Systems has raised $1.2 billion in a funding round, more than doubling the German drone startup’s valuation to about $8 billion post-money, in the latest example of investors’ enthusiasm for defense-related bets.
Part of Quantum Systems’ success comes down to it establishing an early presence in Ukraine in 2024, enabling it to test its drones live on the battlefield and incorporate that feedback into its products. The company has since become a key strategic supplier of drones to the Ukraine Ministry of Defense.
“For ministries of defense (MoDs), buying products is very different to how companies are purchasing software; it’s mission critical and life or death depends on it,” says Christian. “MoDs want to know they can rely on the partner they buy from, and Quantum Systems has proven they are reliable and trustworthy.”
Quantum Systems has secured major partnerships with defense primes and ministries of defense across countries like Romania, Norway, the US and Australia.
The company’s most significant partnership is with the German Federal Ministry of Defense, where its technology is being used to upgrade legacy systems used by the German armed forces. For example, in December 2025, Quantum Systems signed a contract to provide up to 747 tactical reconnaissance drones as a successor to the ALADIN systems currently in use.
Quantum Systems is led by co-CEOs Florian Seibel and Sven Kruck, both of whom served in the German Armed forces and who have complementary skill sets.
Florian is focused on the big vision, developing the product and leading the company’s fundraising efforts, while Sven is the relationship-builder. He keeps close contact with defense ministries and politicians and manages the company's daily operations.
“Florian and his team are very grounded and reflective. You could see that the team have deep, personal relationships in Ukraine, and building this technology was not predominately about making money, it was about defending the country and the people they met there,” he says.
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“Florian and his team are very grounded and reflective. You could see that the team have deep, personal relationships in Ukraine, and building this technology was not predominately about making money, it was about defending the country and the people they met there,” he says.
Dr. Christian Saller
General Partner, HV
Quantum Systems is expanding its product range across all unmanned domains, including land vehicles and maritime drones.
The company also has its own unmanned software suite, which enables users to connect, operate and share intelligence across third-party air and ground systems, regardless of the provider.
Early in 2026, the company released its first unmanned ground vehicle, MANDRILL. The vehicle is based on modular architecture, meaning it can be adapted to a wide range of military, law enforcement and public safety use cases: from medical evacuation to towing and recovery operations.
Quantum System’s continued growth is testament to the team’s ability to build products that perform in the most demanding conditions possible: on the battlefield.
“The founders demonstrated real courage to invest in Ukraine and build up defense structures in a country where the future was very much endangered,” says Christian. “And that decision to embed themselves in Ukraine, and also take on that personal risk, is paying off now.”
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“The founders demonstrated real courage to invest in Ukraine and build up defence structures in a country where the future was very much endangered,” says Christian. “And that decision to embed themselves in Ukraine — and also take on that personal risk — is paying off now.”
Dr. Christian Saller
General Partner, HV
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Quantum Systems develops advanced autonomous systems for defense and security operations across multiple domains, powered by integrated software and AI. Since the outbreak of war in Ukraine in 2022, Quantum Systems has become a key strategic drone supplier to the Ukrainian armed forces. Founded by four aerospace engineers in Munich in 2015, Quantum Systems has grown into one of a few defense tech unicorns in Europe, with a valuation of €3bn.