UK Defence Tech 2025

In collaboration with MD One Ventures, we explore trends across defence tech, including software, hardware, and dual-use products.

Key findings include:

• £1.26b equity invested over the past decade.

• 11.7% of UK defence tech companies have spun out of an academic institution.

• Company profiles highlight the success of dual-use within defence tech, including Labrys (which raised £15.0m in equity funding in May 2025), as well as MatNex, Untap, and Milvus Advanced.

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Inside the report

UK Defence Tech 2025 — sector breakdown and equity investment

UK Defence Tech 2025 — company profiles and spinout share

About the authors

Henry Whorwood
Managing Director
Henry leads our Beauhurst Insights team, and is an expert on equity finance and high-growth business. He's worked on briefs for the likes of Barclays, SyndicateRoom, Innovate UK, Smith & Williamson and British Business Bank. He regularly gives presentations on market trends at events around the UK.
Callum Newton
Public Sector Lead
Callum is the Public Sector Lead for Beauhurst Insights, responsible for leading on the team's public sector work. Before joining Beauhurst, Callum was a Senior Researcher at Westminster-based think-tank Onward focusing on 'Levelling Up' policy. He was also a Consultant in Portland Communication's specialist Litigation & Disputes practice.
Hannah Nicholls
Senior Designer
Hannah produces graphic design and data visualisation for the Beauhurst Insights team, and has accumulated over 11 years of experience within the design industry. In the last 4+ years, she has specialised in data visualisation and report design, focusing on creating bespoke reports for strategy and thought leadership.
Miraj Mistry
Senior Research Manager
Miraj handles project management and data analysis for Beauhurst Insights. His previous role was with an economic consultancy who specialise in providing socio-economic research and analysis to support infrastructure and transport projects. He holds an MSc in economics from the University of Bristol and a BSc from the University of Leeds.
Freya Morten
Research Manager
Freya manages research projects and data analysis at Beauhurst Insights. She recently joined the team, having previously conducted and led research at Grant Thornton and Mishcon de Reya across multiple service lines, industries and geographies. She holds a BA in Theology from the University of Oxford.
Justin Tsui
Associate
Justin handles data analysis and visualisation, as well as copywriting. Before joining, Justin graduated from Imperial College London, where he was awarded a MSc in Applied Biosciences and Biotechnology. He has also previously worked in consulting and academia.
Michael Hurley
Data Science Manager
Michael uses advanced statistical and econometric methods to provide clients with more in-depth, impactful, and novel analyses. He also automates processes by developing and implementing new analytics tools. Before joining Beauhurst, Michael was a data analyst at a policy organisation, where he researched innovation policy.
Evie Luckhurst
Designer
Evangeline produces graphic design and data visualisation in the Beauhurst Insights team. Prior to joining Beauhurst, Evangeline graduated from University for the Creative Arts, where she was awarded a BA (Hons) in Illustration and Animation.
Tom Sharpe
Associate
Tom performs data analysis and visualisation as well as copywriting for the team. Prior to joining Beauhurst Insights, he spent 2 years in the Data team, helping curate our dataset, with a specific focus on IPOs and Exits. Tom holds a BSc (Hons) in Sport and Exercise Science from Loughborough University and enjoys consulting on mental health research.
Ruth Rimmer
Associate
Ruth worked as a Data Curator at Beauhurst for two years before joining the Beauhurst Insights team, where she now carries out data analysis, data visualisation and copywriting. She holds a BA in Anglo-Saxon, Norse and Celtic and an MA in Medieval Studies.