Former Golani Brigade Deputy Commander Takes Drone Startup Kando Public Amid Market Surge

Amid a recent wave of public offerings on the Tel Aviv Stock Exchange, Kando Drones, a small drone company controlled partly by retail giant Rami Levy (22%), completed an initial public offering raising about 19 million shekels at a valuation of approximately 102 million shekels post-money. Unlike most companies listing recently, Kando entered the market with minimal revenues and losses, accompanied by a "going concern" warning in its financial reports, yet attracted investments from IBI Investment House, Hatzavim hedge fund, and Barak Capital.

Kando Drones, founded six years ago by Yoeli Or, former deputy commander of the Golani Brigade, along with partners Moshe Kipnis and Alon Klos, specializes in establishing and managing autonomous drone systems for both military and civilian applications. The company provides surveillance, security, and documentation services for civilian clients such as local authorities and industrial sites, branding itself as the "air force" for its customers. It also offers automated inventory management solutions using drones, a service developed after client demand.

The company’s business model focuses on delivering integrated systems rather than just drones, including proprietary flight software developed through its subsidiary Highlander and advanced analytics capabilities. Kando has a Brazilian subsidiary piloting drone-based pipeline leak detection and is preparing for pilots in traffic monitoring and crowd counting. Despite these innovations, Kando reported revenues of about 7 million shekels in 2025, an 11% increase from 2024, but doubled its net loss to approximately 9.7 million shekels. It holds an order backlog of around 37 million shekels expected to be fulfilled over the next two years.

In the military sector, Kando partnered with Elbit Systems to develop a drone-mounted machine gun system for remote or automatic fire, currently undergoing testing and awaiting approval for initial orders. This initiative gained momentum following the Iron Swords conflict, with the company optimistic about future adoption by the Israeli Defense Forces and global militaries.

Yoeli Or, 61, who holds degrees in economics, history, and business administration, transitioned from a distinguished military career to entrepreneurship, supported by fellow retired officers Kipnis and Klos. Rami Levy’s investment in 2022 brought strategic backing and interest in aerial logistics, leading to Kando’s development of autonomous flying taxis and cargo delivery services through its subsidiary Dronery. Although regulatory hurdles and the recent war have paused these projects, Or remains hopeful for their revival in a peaceful future.

Or emphasizes that despite the company’s early-stage financials and risks, the booming drone market presents significant growth opportunities. He highlights the benefits of being a publicly traded company, including transparency and increased visibility to civilian clients. Kando currently employs 56 people from its offices in Pardes Hanna-Karkur and continues to pursue expansion in both defense and civilian drone sectors.