MITS Capital - an international defense VC and accelerator, supported by partners from the United States of America. We invest in the world security.

Joined January 2024
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We are pleased to announce the establishment of a partnership between MITS and Rasmussen Global 🚀 @rasmussenglobal As one of our first joint initiatives, @FabricePothier, CEO of Rasmussen Global, has joined the MITS Supervisory Board. We are excited and appreciate the opportunity to work with the Rasmussen Global team.
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We had the exceptional honor of co-hosting “MITS x Azov Corps: Defense Technology Horizons 2026” with the First Corps Azov. Despite the extreme conditions in Kyiv, we welcomed hundreds of guests from most NATO nations to hear from a remarkable lineup of speakers, including the Commander of the First Corps Azov of the National Guard of Ukraine Colonel Denys “Redis” Prokopenko, Commander of the National Guard of Ukraine, Brigadier General Oleksandr Pivnenko, Commander of the 429th separate regiment of unmanned systems “ACHILLES” Major Yuriy Fedorenko, acting minister of Digital Transformation of Ukraine Oleksandr Bornyakov @abornyakov We are grateful to our partners – @BRAVE1ua, and the innovative Ukrainian defense manufacturers Unwave, Infozahyst, and Vyriy – for helping to make this conference happen. “We should aspire to more than buying Europe time to arm itself with Ukrainian technology at the cost of Ukrainian lives. If the goal is a just and lasting peace for Ukraine and for Europe, the current European support strategy is both immoral and ineffective. Defeat of Russia is the right outcome for not just Ukraine, but for the security of Europe and a Russian return to civilization,” said MITS Capital’s co-founder & CEO Perry Boyle. He highlighted several learnings from the day: 1. Traditional defense companies cannot keep pace with three invasion cycles each year that require new adaptations. 2. The fundamental challenge is to rapidly scale production of products that are constantly changing. 3. R&D and prototyping in the factory are best augmented by R&D and prototyping in the field. 4. Robot soldiers have arrived, not just on the ground with weapons installed on UGVs, but also in the air and from the sea. While not as capable as humans, they save lives at a compelling cost. 5. Cost reductions have been achieved in many areas, but are elusive in ISR drones. Currently, soldiers are risking their lives to protect equipment. It should work the other way around. To support Azov @azov_media and all of Ukraine’s combat units, investors must allocate capital to where it will be most effective in the field. MITS Capital is committed to turning these insights into actions.
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mitscapital retweeted
Why Your Defence Investment Needs Ukraine’s Validation 🇺🇦🧵 A pivotal discussion — “Secret Sauce of Ukraine’s Victory: The Rise of New Defense Tech” — organised by MITS Capital in American University Kyiv, delivered a stark warning to global defence investors, manufacturers, and partners: If your system hasn't survived the Ukrainian battlefield, it's not worth your dollar. Key experts included military commanders Artem Belyenkov, Andriy Onistrat, Oleksandr Yabchanka, and Bohdan Krotevych, alongside industry leaders like Andrii Hrytseniuk (Brave1) and Perry Boyle (MITS Capital).👇 1/5
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A few days ago I was at an event organized by MITS in Kyiv, where the topic was the “drone wall” and whether Russian UAVs could shift Europe’s front line. Ironic question — can you shift what doesn’t exist. I tried to unpack the core problem: Europe’s lack of preparation for the imminent war Russia might start against European countries. So the title of my thought: Europe is playing at war, not preparing for it. Europe speaks the language of progress but thinks in the language of comfort. Here war has become a tech show, where every new buzzword — “game-changer”, “AI”, “drone revolution” — creates an opiate sense of control, replacing real preparation for the coming war Russia may begin by invading the Baltic states. Unfortunately, because of a lack of real combat experience, generals, defence ministers, politicians (Ukrainians included, regrettably) have forgotten the main thing — equipment does not fight on its own. A drone, a rifle, a tank, a fighter, a radar station, a truck — these are only tools with specific tasks. An army is not a pile of metal and not merely a crowd of highly trained soldiers. An army is a structure that moves as one: C4ISR, logistics, infantry, artillery, intelligence, medicine, communications. Everything begins with the principles of war — they are the constant on which the art of war is built; they should be reminded to European generals as insistently as we constantly remind Ukrainian (Soviet-trained) commanders. Objective — a clearly defined end state. C4ISR must provide a single picture and clear tasks; without an objective all tools are useless. Offensive — action must seize the initiative; defense must be active. Infantry and artillery cannot wait for long data collection cycles; they act on targets provided by intelligence and on C4ISR decisions. Mass — concentrate fire and resources at the decisive point. Logistics and ammunition stocks allow you to “build up” fire where it will matter most. Economy of Force — allocate resources with priority to what matters. Battle-testing and right procurement priorities prevent wasting scarce resources on “show projects”. Maneuver — use movement to create favorable force ratios. Infantry and armor, combined with intelligence and EW, create opportunities to bypass or break the enemy’s defenses. Unity of Command (C2) — one plan, coordinated action. C2 inside C4ISR guarantees that all elements act to a single intent, not to separate instructions. Security — protection from enemy reconnaissance and strikes; protect supply chains and comms. EW/cyber and dispersed logistics infrastructure make the system survivable. Surprise — strike where and when the enemy does not expect it. Quality intelligence plus a fast decision cycle in C4ISR deliver tactical advantage. Simplicity — plans must be understandable and executable in chaos. Training, NCO skills and standardized SOPs make tactics work even when comms fail. Sustainability / Perseverance — the ability to endure prolonged pressure and to recover. Strategic stocks, MRO, medicine and mobilization capacity are what give a campaign long legs. Without this connectivity, everything else is just shards of technical pride. If there is no system, even the best technology does not unite an army — it merely fragments it into pieces, each living in its own illusion of strength. Today Europe pours billions into startups that have no grounding and no realistic chance of success. Their founders are “veterans” of peacekeeping missions, not modern high-intensity war. They build pretty prototypes that fail field tests. Stark Defence failed all strikes; Watchkeeper fell on its own wings. This is not merely technical malfunction — it is a diagnosis of a system where money has replaced experience. Stark raised over $100 million in venture capital, including investment tied to Peter Thiel, and none of its four test strikes hit their targets. Watchkeeper cost British taxpayers more than £1 billion, and after years of development became a symbol of expensive impotence: drones crashed before they could fight. Money creates the illusion of understanding war, but it cannot substitute for those who have seen it up close. When technology is born without front-line experience, it becomes a fine concept that dies on first contact with reality. Finland is the exception. It has over 900,000 reservists, of whom 280,000 can be mobilized immediately. Under the Comprehensive Defence 2035 plan the state is deploying new ammunition and fuel stocks and modernizing shelters along the eastern border, while updating its system of field fortifications. The purchase of 64 F-35A fighters, joint production of Patria 6×6APCs and over 2,000 exercises a year — this is not a show, it is practical preparation for war. Finland does not build “drone walls” for the news — it builds real territorial defence plans: stocks, roads, reserves, mobilization lists. For them war is not a concept, it is an engineering task already calculated by the hour. And Europe, even if in theory it were to receive the best weapons and the best army, would still lack the most important thing — officers who know how to fight this war. Not a museum war, not a simulation — but a modern, chaotic, dynamic war. That experience exists — among Ukrainian officers. And Europe is now losing the chance not merely to learn from them, but to save itself from future defeat. Investment should go not into yet another prototype, but into people who know what real war looks like. That is the most profitable investment — and the only one that makes sense. Europe is turning its attention to Ukrainian officers — chiefly those bearing high ranks: generals, advisors, former chiefs of staff. It is convenient: they speak a familiar language — about strategy, plans, funding. But most of them met the war away from the frontline, in offices. In 2014 many were colonels who had not seen the real front line. Their experience is administrative, not combat. And this paradox creates the false impression that experience is being taken into account. While Europe listens to generals instead of those who actually fought, it repeats the old mistake: learning from theorists when living practitioners are right next to it. Concepts like a “drone wall” will not save you if they are not backed by a system that can see, think and act. Any wall without experience of use, without protection and countermeasures, is just decoration. Any innovation without war is just noise. Victory will not go to the side with the most technology, but to the side that remembers the army is not a set of devices, but a way of thinking that turns chaos into order. Whoever first stops playing at war — and starts preparing for it — will win. It is a pity that the mistakes of the foolish and the show-loving will bring additional suffering and the deaths of innocent civilians.
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In Ukraine, we have only one way: to prepare as best as possible, because we’re all aware that this war of attrition won’t end soon Last week, we at MITS Capital were proud to host our annual event, “The Secret Sauce of Ukraine’s Victory: The Rise of New Defense Tech,” marking the launch of the third batch of the MITS Accelerator. It’s still too early in November to sum up the year. But innovation cycles in modern warfare are changing so rapidly that we must already decide what and how we’ll fight in 2026. As they say, it’s better to have it and not need it than to need it and not have it. Despite a lot of progress, there were some hard and painful lessons learned in 2025. One of them: Ukrainians are far ahead in battlefield innovation, yet we risk falling behind in scaling. Another: the lack of people we can’t replace. Still, we can and must turn our technological edge into victory – through tighter cooperation between Ukraine’s defenders, defense manufacturers, investors, and all Ukrainians determined to win. We’re grateful to our guest of honor, Brigadier General Deputy Commander-in-Chief of the Armed Forces of Ukraine Andrii Lebedenko, for sharing this vision and supporting Ukraine’s course toward the entire technologization of its military. Thanks to all our remarkable speakers and moderators for their sharp analysis and candid warnings about the challenges ahead. It was extremely important to hear you Maria Berlinska, Artem Belenkov, Andrii Onistrat, Oleksandr Yabchanka, Oleksandra Azarkhina, Andrii Hrytseniuk, Bohdan «Tavr» Krotevych, Serhii Blazhevych. Kudos to our dedicated partners, American University Kyiv, and Oleksii Shershnov personally, for your support and high educational standards. The way forward seems hard, but pretty clear: Invest in battlefield-proven – the new defense standard established in Ukraine. Invest in systematic solutions, not isolated innovations. Invest in people – because they still matter, and always will. #UkraineWillWin
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From Idaho to Kyiv: Perry Bole came out of retirement to fund Ukraine’s DefenseTech revolution. Brief Perry Boyle’s interview for Emmanuel Reinert and RAINCLOUD DEFENSE podcast. youtube.com/watch?v=HreAr8c7…
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⚡️ We’re excited to announce our latest investment in TELETACTICA – MITS Acceleration Program alumni.
18 Jul 2025
Two years ago we imported communication systems. Today global investors back Ukrainian innovation. Teletactica raised $1.5 million from @mitscapital and GreenFlag through Brave1. Watch their story!
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🚀 Proud to lead Teletactica’s $1.5M Seed Round We’re excited to announce our latest investment in TELETACTICA – MITS Acceleration Program alumni, building jamming-resistant communication systems for Ukrainian defenders. It’s been a privilege to watch Yevhen Zhebko and Anton Hetman path from ambitious prototypes to scaling real hardware that’s already saving equipment and lives on the frontlines. “We are proud to continue supporting Teletactica’s growth as they help define the future of battlefield communications,” said Perry Boyle 🇺🇸🇺🇦 Boyle, CEO & Founding Partner at MITS Capital. We’re grateful to Green Flag Ventures, Deborah Fairlamb and Justin Zeefe for co-investing in this strategic round, and to @BRAVE1ua for supporting the ecosystem that made this possible.
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One more milestone completed. We’re proud to share our latest investment in Tencore, a Ukrainian developer of combat-proven robotic platforms. The deal was revealed during URC2025 in Rome and marks the first publicly announced U.S. investment in a Ukrainian defense tech company through Diia.City legal framework. “MITS Capital is committed to bringing international capital into Ukraine’s defense industrial base”, said Perry Boyle, CEO & Founding Partner at MITS Capital. “We are pleased to see the progress from Ukraine in liberalizing international transactions. This will help attract investment capital to Ukraine”. Tencore is one of the fastest-growing players in the Ukrainian Defense Tech space, with a dedicated team and the ultimate goal to scale production to 2,000 units by the end of 2025. This investment isn’t just capital – it’s a precedent that sets the path for many future contracts to come.
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📌 MITS at the Copenhagen Democracy Summit 2025 We are proud to share that Denys Gurak, Co-founder of MITS, participated in the roundtable discussion "Rearming for Democracy", held on the sidelines of the 2025 Copenhagen Democracy Summit. ​​Denys emphasized Ukraine’s unique position as both a frontline defender of democracy and an emerging hub of defense innovation. He spoke about the rapid growth of Ukraine’s domestic drone industry and how integrating this industrial capacity into NATO and EU supply chains can significantly enhance collective security. As Ukraine stands at the forefront of the global fight for democratic values, MITS Capital is building the industrial bridge between Ukraine’s innovative defense ecosystem and the Western financial and defense landscape. 🇺🇦 At MITS, we are actively investing in Ukraine’s drone technology—supporting 13 portfolio companies, most of which are already operating on the frontlines. With a strategic focus on drone components to reduce reliance on Chinese supply chains, we are helping to secure not only Ukraine’s defense but also the resilience of NATO and EU partners. 💡 Ukraine’s defense sector is cost-effective, deeply innovative, and battle-tested—positioning it as a natural partner in strengthening Europe’s and NATO’s defense industrial base. This is not just about war—it’s about securing freedom and sovereignty through industrial strength and strategic integration. Participation in the Copenhagen Summit reinforces our mission: Freedom is not free—and we must rearm democracy with innovation, investment, and unwavering commitment.
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🚀 MITS Accelerator Second Batch: Completed! 🇺🇦 We're proud to announce the successful graduation of the second batch of the MITS Accelerator, a program dedicated to accelerating Ukraine's most promising defense technology startups. Over the past few months, these seven groundbreaking teams have been pushing the boundaries of innovation and addressing critical defense challenges with cutting-edge solutions: 🔹 M-Fly – Laser designator systems for UAVs and FPV drones, enhancing target acquisition and strike precision. 🔹 Tencore – A modular UGV platform for battlefield logistics, turret control, remote mining, and casualty evacuation. 🔹 Vidar – Scalable acoustic locating technology pinpointing enemy assets with precision and affordability. 🔹 Norda Dynamics – AI-based navigation systems for autonomous platforms, enabling accurate target detection and route optimization. 🔹 Angler – AI-powered USVs and UUVs for autonomous maritime patrol, reconnaissance, and interception. 🔹 Speye – 360° AI-enabled drone cameras for seamless target tracking and identification. 🔹 First Parsec – Pulse jet engines enabling high-speed drone strikes, air defense interception, and decoy operations. Backed by MITS Capital and powered in partnership with American University Kyiv, the MITS Accelerator connects Ukrainian innovators with global defense ecosystems. This batch is a testament to the strength and resilience of Ukraine's defense technology sector. We extend our heartfelt thanks to all the expert lecturers who generously shared their knowledge, insights, and time with our teams throughout the program—your contributions were invaluable to their growth and success. Next up: The third batch will launch in autumn 2025. Together, we are strengthening Ukraine’s defense capabilities through innovation, collaboration, and unwavering commitment to sovereignty and security. The work continues. Photo: Egor Pogrebniak
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🚀 MITS Capital at the Ukrainian PE & VC Summit 2025 MITS Capital was proud to take part in the "Meet the Defense Industry" panel at this year’s Ukrainian PE & VC Summit in Warsaw, hosted by UVCA. Our co-founder Denys Gurak joined leaders from across the defense and VC ecosystem to discuss how Ukrainian startups and investors are reshaping the future of defense and dual-use tech — in Europe and beyond. A key point from the discussion: Ukraine’s integration into NATO and EU supply chains is critical for long-term security and resilience on the continent. This is exactly where MITS Capital is focused. Our portfolio's core focus is on building out drone components to reduce dependency on Chinese supply chains for Ukraine and NATO allies with companies, with most of the products operating on the frontlines. 📊 Last year, 96% of drones procured by Ukraine were domestically produced. As drone strike rates approach 90% damage done at the front, the need for reliable, scalable production is clear. Ukraine has historically been a base for R&D and components manufacturing. We believe it holds a unique position in strengthening Europe’s defense industrial base — both from a cost and capability perspective. At MITS Capital, we operate as a bridge between Western capital and Ukraine’s defense ecosystem — through our VC fund, accelerator, and investment advisory. Our mission is to scale production, enable joint ventures, and integrate Ukraine’s innovation capacity into the broader European defense framework.
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🚀 The MITS Capital team was honored to be part of IDEX 2025, representing Ukraine at the joint national stand and showcasing cutting-edge defense technologies from our portfolio: • Teletactica - Jamming-resistant modems and antennas for • UAVs • Oko Camera - Thermal imaging cameras • Norda Dynamics - Autonomous Software for UVs • Vidar - Acoustic Weapon Locating System • Tencore - Unmanned Ground Vehicles • M-Fly - Laser Targeting System Why did MITS participate in IDEX 2025? 📍 @IDEX_UAE is the world's largest and most influential defense exhibition, bringing together key industry players and cutting-edge technologies. 📍 It was a unique opportunity to explore the technological landscape and defense needs of Global South countries, identifying ways to integrate Ukrainian solutions that can enhance the industry. 📍Scope for establishing new international partnerships. The Ukrainian pavilion stood out by showcasing battle-proven products—one of our key advantages. 🎉 We also congratulate one of our teams on signing two contracts during the exhibition! Proud of your achievements! We extend our gratitude to organizers of the Ukrainian stand for their excellent work in preparing the Ukrainian stand and fostering international collaboration. Together, we are strengthening Ukraine’s position in the global defense industry! 🇺🇦
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"It’s not about what Ukraine needs from NATO—it’s about what NATO needs from Ukraine." At the Danish Defence Annual Conference 2025, Perry Boyle, co-founder of MITS Capital, delivered a powerful message: NATO's best chance to remain competitive against global threats is investing in Ukraine’s domestic defense industry. The advantage in the next global war will depend on the ability to produce defense materiel cheaply and NATO can not do it, because it is a high-cost producer. 📍 Why? Ukraine is the low-cost, high-innovation alternative to China in NATO defense supply chain, especially for drones. 📍 A typical Ukrainian kamikadze drone costs up to 10 times cheaper than the ones produced in NATO. 📍 Ukraine has $25 trillion in critical minerals—many of which NATO currently sources from China. 📍 Ukraine has the only low cost defense industrial base in the Western World. 📍 A mere $10 billion investment can make Ukraine’s entire defense industrial base flourish and help NATO not to lose. “We have to stop treating Ukraine like a laboratory for NATO. We need to invest in its defense industry, scale up its production, and integrate it into NATO’s defense base.” Perry Boyle warns that unless NATO adapts, it will fall behind. China is already the low-cost leader in attritable drones and military tech—and that gap is only widening. Everyday. The solution? Ukraine. Time to act.
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🚀 MITS Capital estimates that a $10 billion investment in Ukraine's defense industry could significantly change the battlefield. Ukraine's military technology sector is experiencing a transformational breakthrough, with a $10B investment poised to reshape not just its own security but also boost U.S. defense capabilities. Read more in this article from The New Voice of Ukraine: english.nv.ua/nation/ukraine…
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📣 Big News: Letter To The President Of The United States and Congress and Report on Ukraine's Defense Industry: America's Strategic Advantage! We are proud to announce the release of two transformative documents that highlight the importance of the U.S.-Ukraine defense tech partnership: ✉️ Letter to the U.S. President and Congress This letter underscores Ukraine's role as a frontline defender of global stability. It calls for U.S. investment in Ukraine's defense sector as the most cost-effective path to victory and highlights how this partnership can strengthen NATO's collective security, counter authoritarian aggression, and accelerate innovation in critical areas such as unmanned systems, cybersecurity, and advanced military technologies. 📑 Report Based on insights from the MITS Forum 2024, this report provides a strategic blueprint for: • Strengthening U.S. investments in Ukraine’s defense industry through tax incentives, joint R&D initiatives, and public-private partnerships. • Expanding Ukraine’s manufacturing capacity to meet NATO standards and integrate into global supply chains, reducing dependency on non-allied supply chains like China. • Leveraging Ukraine’s defense innovations — such as drones and precision munitions — to enhance the resilience of democratic nations. 💡 Why It Matters Supporting Ukraine's defense sector today is about more than immediate security; it's an investment in a stronger, more united global front against growing threats. By strengthening Ukraine's capabilities, this partnership not only drives innovation in defense technologies, but also strengthens international stability. Visit our website at mits.capital/news/open-lette… to read the full version of the documents. Prepared by MITS Capital in partnership with American University Kyiv auk.edu.ua//uploads/files/sh….
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Three weeks, 30 teams, $100,000 grant - it was an intense MITS x Victory Drones Defense Tech Bootcamp! We are proud of each of the program participants who are working to create innovative mil-tech solutions: from drones and ground systems to electronic warfare, intelligence, software, and AI. 💵 20 of the most promising defense tech startups received funding to further develop their innovations. This is an investment in the future of the Ukrainian defense industry. We would like to thank the lecturers, including Yaroslav Azhniuk, co-founder of Petcube, The Fourth Law, and Odd Systems, Yulia Marushevska, Head of the Reforms Support Office in the Ministry of Defense, Kateryna Mykhalko, Executive Director of the Association of Technological Forces of Ukraine, Maksym Sokoliuk, CEO of Venator Technologies, Misha Rudominsky, co-founder of Himera & Promin Aerospace, and others who shared their expertise and valuable experience with the Bootcamp participants. Special thanks to the American University Kyiv and the NaUKMA Cultural and Arts Center for providing locations for offline lectures during the Bootcamp. Invest in technology - invest in victory! 🇺🇦 🇺🇲
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🎉 Congratulations to the 20 Defense Tech Bootcamp participants who received grants! MITS and Victory Drones selected 20 winning teams for their grant program to support defense startups. The winning teams will share $100,000. To highlight the success of the program, we held a joint closing event at the Ukrainian Іnstitute for the Future, where participants received their awards and networked in a casual setting. 💬 "We are much more inventive than the enemy, but we have far fewer resources. That's why it's important to build intellectual engineering capital in all areas, to anticipate future needs, and to focus government resources on the areas that will be key in the future", said Maria Berlinska at the event. 💬 "It was an honor to be on stage with Maria Berlinska to hand out awards to the bootcamp winners. MITS Capital is committed to investing in innovation in Ukraine’s defense technology. Congratulations to all the winners!", added Perry Boyle. A panel discussion on "War and Technology in 2025” was also held, moderated by Ihor Dvoretskyi, representing the Digital Transformation Directorate of the Ministry of Defense of Ukraine. Speakers included: 📍Perry Boyle, Co-founder of MITS Capital and former Board Member of Point72, LP; 📍Maria Berlinska, Head of the @VictoryDrones project and Co-founder of Dignitas CF; 📍Anatoliy Amelin, Executive Director and Co-Founder of the Ukrainian Institute for the Future; 📍Oleh Romanov, Senior Lieutenant and Commander of the Anti-Tank Battalion of the 3rd Separate Assault Brigade @ab3army, 9th Army Corps, Ukrainian Ground Forces. Official Partners: American University Kyiv, Ukrainian-American Coordinating Council. We thank our partners for their cooperation and congratulate all the graduates. We’re proud to be part of this community 🇺🇦 🇺🇸 Photo: Egor Pogrebniak
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