To what extent has the war in Ukraine revealed the need for early stage capital for defence companies? How big a turning point has the war in Ukraine been?

We had traditional defence sector, which was not focused on technology or the technology as we understand it.

So AI, electronic warfare, autonomous systems, etc.

It was more referring to new technologies around having better tanks, better planes, and let's call it old hard tech solutions that were used on the traditional battlefield.

The war in Ukraine showed that you can do it much faster, that if you need to develop, you don't have years to wait for advanced systems provided, for example, by Lockheed Martin or other prime contractors.

that you need to react on a daily basis.

And that's something that Ukrainians and unfortunately also Russians are very good at.

Are we seeing a structural shift towards more private funding or private capital going into early-stage defence technologies?

And how did you find going out to raise this second fund compared to the first fund, given that you had such a strong track record with that first fund?

You know, it was completely different, I would say.

When we started with Miko five years ago, our investors in Expedition Swan were mostly friends and family.

That was a very close circle of people we knew very well.

Only private individuals, no institutions, so it was only private fund.

So the process as such was completely different and also we were raising the fund as the first-time founders, as the first-time GPs.

So naturally, the second fund was a little bit different.

They feel more competitive internally.