On July 6, 2026, Line Rindvig, the former head of Defence Builder, announced her transition to the investment fund Baryon Fund. There, she assumed the role of Chief Strategy & Defence Investment Officer.
Baryon is an investment fund founded in late 2025 in Bratislava. It plans to invest in Eastern European and Ukrainian defense tech startups. One of the fund’s latest investments was in Airvolute, a European deep tech company.
AIN spoke with Line Rindvig about her move to Baryon Fund, her plans in the new position, and the changes unfolding in the Ukrainian defense market.
What prompted your transition from Defence Builder to Baryon Fund? Why did you decide to shift from operational work with startups to venture capital investments?
The move from Defence Builder to Baryon Fund is a natural next step after the close of Batch 3.0.
Defence Builder is in a strong position, with new partnerships across Europe and Ukraine, close collaboration with the Armed Forces of Ukraine, governments relations and NATO partners.
I want to focus where I can create the most impact: helping Ukrainian, Central and Eastern European and Nordic defence companies scale beyond the early stage. At Baryon Fund, I can help strengthen both companies and the wider European defence ecosystem while continuing to support Ukraine.
Why Baryon Fund in particular?
Baryon is one of Europe’s emerging defence investment funds that combines investment expertise with a sense of responsibility. The companies we back become part of Europe’s — and therefore Ukraine’s — ability to defend itself.
These investments ultimately contribute to the security of all of us as citizens.
Beyond that, the combined experience of the 3 founders; Martin Valovsky, Michal Simko & Róbert Vass is to me exceptional, and equally important is who they are as people. I’ve observed their work inside of Ukraine this past year, and I see how they support founders — even if they haven’t invested into the companies — yet.
What will be your key responsibilities as Chief Strategy & Defence Investment Officer?
My role as Chief Strategy & Defence Investment Officer is to shape Baryon’s strategy, support our portfolio companies beyond capital, and strengthen our partnerships across Central and Eastern Europe, Ukraine, and the Nordics.
It’s about directing capital to where defence capability is being built and helping companies access the networks, partners, and opportunities they need to scale.
Baryon has built a strong position on the Eastern Flank, particularly in Ukraine. One of my first priorities will be to strengthen our strategic position in the Nordics, where defence investment, industrial capacity, and innovation are accelerating rapidly.
We focus on air defence and the capabilities needed to protect airspace against modern threats.
That includes integrated air defence systems, sensor fusion and radar networks, C2, software, counter-UAS and counter missile systems, electronic warfare, and interceptor technologies.
More broadly, we are focused on layered air defence architecture.
What is the main lesson you learned at Defence Builder that you are bringing with you to this new role?
The main lesson from Defence Builder is understanding what fast adaptation means in practice, especially in wartime.
In Ukraine, capabilities are developed, adjusted, and scaled in real time under enormous pressure, at a pace very different from most European countries still operating in peacetime structures.
What role will Ukrainian defense companies play in the fund’s strategy?
By now, it almost sounds like a cliché, but Ukraine is building some of the world’s most advanced defence technologies, particularly in areas such as air defence, which is a key focus for us. And while Baryon also invests across Europe — from Norway to Bulgaria — Ukraine is an important part of that strategy because the pace of innovation and real-world validation is unlike anywhere else.
In general, we look for technologies that have been tested in operational environments, and many of the best examples are coming out of Ukraine.
Our strategy is that beyond investing, we work closely with e.g. Ukrainian founders, engineers, the military, and government to understand how the technologies perform in practice. We then help our portfolio companies scale them by connecting them with industrial partners, customers, governments across Europe, while supporting production, procurement, and commercial growth too.
What share of the future portfolio could Ukrainian startups potentially account for?
It’s too early to put a percentage on it. Many defence companies are international by design, so we may not always invest directly in a Ukrainian entity, even if the founders, engineering teams, and technologies are rooted in Ukraine.
Baryon spends a lot of time on the ground in Ukraine identifying the most promising solutions, so innovation from Ukraine will naturally be an important part of our pipeline, yes, but geography isn’t the deciding factor.
Are you already in talks with any Ukrainian companies? If so, which tech sectors/domains are we talking about?
Maybe. You’ll have to keep an eye on Baryon Fund’s LinkedIn over the coming months.
You mentioned that the challenge is no longer about discovering Ukrainian innovations, but rather about scaling them. What is currently the biggest bottleneck to scaling?
Ukrainian defence companies are extremely fast at developing and fielding new capabilities but the challenge comes after that; moving from rapid, flexible production into stable, repeatable industrial output.
That requires scaling manufacturing processes, supply chains, and production planning in a way that is harder to sustain under constant operational pressure.
What is the most critical shortage right now — capital, manufacturing capacity, or government contracts?
The most critical shortage is not innovation, but the system around it, primarily working capital and predictable demand through long-term procurement.
Companies can build and scale quickly, but they need upfront financing and clearer procurement visibility to commit to larger production runs.
This is also why the recent steps towards opening a controlled export framework is important. It creates additional routes for revenue and international partnerships, helping companies reinvest into capacity while still prioritising Ukraine’s defence needs.
As a reminder, on July 1, 2026, the Ukrainian government approved the first mechanism for exporting Ukrainian weapons. Minister of Defense Mykhailo Fedorov stated that a clear procedure had been established for this purpose. It sets unified rules for the state, manufacturers, and partners.
The mechanism will work for the partner countries of the Drone Deal program. They will be able to purchase Ukrainian weaponry and technologies, and work directly with Ukrainian manufacturers.
You are calling for LPs and family offices to join. Does this mean the fund is opening a new capital-raising round?
Baryon is still a young fund, and we are continuing to welcome a limited number of new LPs and family office partners who want to be part of the mission.
It is less about an open raise and more about building a focused investor base aligned with the long-term nature of defence investing in Europe and Ukraine.
Do you see more interest in Ukrainian defense tech now compared to, say, a year ago?
Yes, there is clearly more interest in Ukrainian defence tech today compared to a year ago. That interest is also becoming more structured.
In the early phase, attention was driven largely by urgency and wartime need. Today, it is increasingly about capability: proven battlefield performance, rapid iteration cycles, and technologies that can be integrated into broader European defence systems.
We are also seeing more engagement from European governments, defence primes, and institutional investors, particularly as the focus shifts toward scaling production capacity as seen with Zbroya / Built with Ukraine.
In your opinion, what percentage of defense startups currently seeking investment actually stand a chance of becoming successful companies? What should they prepare for on this journey?
I don’t have data on how many startups become successful companies. But defence startups need to understand that investment is not only about capital. The right investor can be a strategic partner, opening doors, providing market access, supporting scaling, and helping navigate the complexity of defence markets.
To succeed, companies need more than strong technology. They need the ability to scale production and build reliable teams. A strong team is key for almost all investores.
Is it realistic to talk about exits in defense tech today, or is it still a long-term play?
Exits are possible, but the priority is building strong companies with proven technology and strategic value. Defence tech is still a long-term play due to complex procurement cycles, but I have seen a few minor exits over the past few months.
How do you evaluate the potential of Ukrainian defense companies to become global players after the war?
- Proven technology that has been repeatedly tested in real conditions
- The ability to scale production beyond wartime needs
- Access to international customers, partners, and capital
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