Lessons Lost in Time How Ukraine Funds the War w/ Perry Boyle
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Apr 7, 2026 
Perry Boyle, venture capitalist and CEO of MITS Capital who funds Ukrainian defense tech, outlines how money shapes modern war. He discusses private capital filling funding gaps, cheap drones outcompeting expensive armor, scalable Ukrainian manufacturing, battlefield-driven procurement, and counter-drone systems and civilian applications.
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Ukraine's Large Financing Gap And Europe’s Limits
- Ukraine can muster about $40B/year for the war but faces a ~$60B annual financing gap.
- Europe covers much via loans and direct transfers, but political blockages (e.g., Viktor Orban) and limited scale keep Ukraine on life support rather than enabling victory.
Private Capital Takes Patient Risks In Warzones
- Private capital fills critical gaps but demands returns and faces unique risks like bombing, export limits, and no traditional exits.
- Perry Boyle seeded startups despite agency friction because principal capital can take higher, patient risks to catalyze markets.
Tencor Scaled A Wartime Evacuation Drone Into Mass Production
- Tencor began building ground drones to evacuate wounded soldiers and grew into the world's largest ground drone maker.
- They now produce more ground drones monthly than all of NATO combined at a price NATO manufacturers can't match.
