Portuguese–British drone developer Tekever, which builds artificial-intelligence driven autonomous reconnaissance drones, has closed a $580 million funding round that brings the company’s valuation to $6.4 billion. CNBC reported the transaction, noting that it positions Tekever among Europe’s most valuable defence-technology startups.
Investors and intended use of proceeds
The financing round was led by University of California Investments and Baillie Gifford, with participation from Merlyn Advisors, Crescent Cove, Ventura Capital and Iberis Capital. Tekever says it will deploy the new capital to expand its international footprint, strengthen industrial and technological capabilities, and accelerate strategic acquisitions.
Operational track record and contracts
Tekever’s autonomous reconnaissance drones have logged more than 50,000 mission hours in Ukraine since 2022, the year Russia launched its full-scale invasion. In July of last year the company won a major order when the UK Ministry of Defence selected Tekever as a supplier for a potential ten-year reconnaissance programme worth up to £400 million.
Context: broader European defence-tech fundraising
Tekever’s round comes amid a wider surge in European defence-tech investment. Examples this year include German Helsing’s €1.8 billion financing in July and German Quantum Systems’ €1 billion round in the same month; German Stark raised €500 million in June; and UK-based Cambridge Aerospace secured $300 million in August.
Executive perspective
Ricardo Mendes, Tekever’s founder and CEO, said that artificial intelligence, autonomy and sovereign technological capabilities will be fundamental to the security of democratic societies in the coming decades.
Notes
This article does not constitute investment advice or a recommendation. An AI assistant contributed to the preparation of this piece; the final content was edited and verified by our journalist.
