The UK’s National Wealth Fund is planning to invest in Uforce, a London-based defence technology company that makes military drones and robots, the Financial Times reported on Friday.

The FT did not disclose the size or terms of the proposed investment, and neither Uforce nor the fund has commented publicly.

Founded by Ukrainians, Uforce brings together several Ukrainian defence manufacturers under one company. Its products include Magura sea drones, Nemesis strike drones, ground robots and counter-drone systems. The company has since moved its headquarters to London.

Uforce reached unicorn status in March after raising $50m at a valuation of just over $1bn. Six months later, the company was in talks to raise around $500m at a valuation of about $5bn, in a round led by Valor Equity Partners.

The reported investment comes as the UK government steps up its support for the defence industry. In Wednesday’s Budget, Chancellor John Healey allocated an additional £15.4bn in capital to the National Wealth Fund.

In a letter to the fund, Healey called for a stronger focus on defence, critical minerals and AI. He described the defence industry as central to the government’s plans for national renewal.

The fund and the British Business Bank will also make up to £5bn available over four years for defence and national security, including dual-use technologies that have both civilian and military applications.

There are signs that private investors are also looking more closely at the sector. In September, law firm White & Case surveyed 250 senior figures in the UK defence industry about their investment plans.

Its findings showed that 97% expected to raise significant amounts of money from external investors over the following year.

“The UK is already home to some of the world’s best defence technology start-ups, and recent White & Case research found that 97% of UK defence and defence technology companies surveyed are likely to raise significant external funding to accelerate growth over the next 12 months.

“This investment adds further momentum for firms looking to raise funds and reinforces the UK’s position as a leading destination for defence technology investment,” commented to us Tom Clarke, Partner in the Private Equity Group at White & Case.