Estonian DefenceTech startup Frankenburg Technologies triples valuation in a new round — Invest in Estonia
Summary
This additional investment helps us attract more rocket industry talent from across Europe.Founded just last year, Frankenburg Technologies has not been wasting time. Last week, the Latvian Ministry of Defence announced an R&D contract with the company to develop, test, and supply a significant number of missiles to national forces. Previously, the company has agreed to test them in Ukraine.Frankenburg Technologies has distinguished itself by attracting top talent with real-life armed forces experience. The company was founded by Taavi Madiberk, known for his success at Skeleton Technologies one of Estonias most promising DeepTech startups.In February, Frankenburg opened an office in Lithuania to expand its affordable missile development and production capabilities. The Lithuanian branch is headed by Karolis emaitis, former Deputy Minister of Economy and Innovation.In January, the company appointed Andreas Bappert as its Engineering Director.