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01 Oct 2025
THEON, Ondas Holdings and Unusual Machines behind private investment expected to net $38M.
Kopin, the Massachusetts-based developer of microdisplays and image projection modules used in defense and commercial applications, is expecting to net $38.1 million thanks to new private investment by partners working on drone technologies.
According to Nasdaq-listed Kopin, the financial support will be used to advance work on color microLED and other microdisplay and optical technologies used in so-called first-person visualization (FPV) drones.
Drone warfare
FPV drones have become widely used in Ukraine since the full-scale invasion by Russia, and enable a pilot to control the drone’s movement remotely while also seeing the view from the drone.
Key optical elements of the technology include an on-board camera providing a live video feed, and an immersive display showing the drone’s view through either goggles or a monitor.
The new financial support for Kopin comes in the form of a private investment in public equity (PIPE) purchase agreement provided by three companies involved in drones and infrared imaging.
They are Cyprus-headquartered THEON International, which specializes in night vision and thermal imaging equipment, the Boston-based drone firm Ondas Holdings, and Orlando component provider Unusual Machines.
Ondas recently raised more than $200 million in a public offering of stock, while Unusual Machines has recently signed deals to provide cameras and goggles into the US defense supply chain. The two US companies have also just invested in the infrared optics and camera maker LightPath Technologies.
Rekindled partnership
Nikos Vasiliadis, THEON’s director of electronics engineering, commented: “By deepening our strategic engagement as an anchor investor in Kopin, we reaffirm our confidence in their breakthrough color microLED technology, and the long-term potential driven by acceleration in the defense sector.”
Ondas CEO Eric Brock added: “Kopin’s advanced optical display solutions are proven to deliver the performance, durability, and cost efficiency demanded by next-generation security systems.
“By investing in Kopin, we are not only supporting a supply chain partner but also unlocking opportunities to co-develop integrated solutions that align tightly with our long-term strategic roadmap."
Allan Evans, the CEO of Unusual Machines, pointed out that his firm’s “Fat Shark” goggles were previously based around Kopin panels exclusively.
“FPV was built on this partnership and the more than 100,000 display modules shipped annually across our range of headsets,” he added.
“Unusual Machines is investing in Kopin to drive [US-based] production of next-generation products with the intent of rekindling this partnership to onshore and scale FPV headset production.”
The new investment comes just a couple of weeks after Kopin said that it had secured what it called a "transformative" $15.4 million deal with the Office of the Secretary of Defense (OSD) and US Army to develop ultra-bright, full-color microLED displays optimized for ground soldier augmented reality (AR) applications.
"This award marks a pivotal moment for Kopin, solidifying its leadership in microLED technology and establishing a robust US-based production capability for this critical defense technology," announced the company at the time.
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