BSK Defense is a successor to Velos O.E., a company established in 1982, producing a series of aerial target and aerial observation products used by foreign companies and armed forces. The current company was officially founded in Chania, Crete, in 2008. It focuses on design, development and production of defense systems, including UAVs (Phaeton, Ideon, Kyon, Erevos), USVs (Seirios 65 and 95), target drones (Nemesis, (H)Yperion, Panas), electronics, and UAV engines.
In 2010, it started development of a cruise missile type HSC-1 Makedon in cooperation with other Greek companies, including Axon Engineering (which undertook parts of the engine development). The missile is designed to be 4.5 metres (15 ft) long, weigh 1050 kg and reach a maximum speed of 1100 km/h. The future of the whole project is uncertain, though, due to Greece's drastically reduced defense budgets.