AI drone maker Tekever says it has raised $580 million at a valuation of $6.4 billion, as European countries accelerate defence spending amid Russia’s war in Ukraine and growing security concerns.
The Portuguese-British company develops autonomous systems, including AI-powered surveillance drones, and said its systems have recorded more than 50,000 operational flight hours in Ukraine since Russia launched its full-scale invasion in 2022.
University of California Investments and Baillie Gifford led the funding round, which also included Merlyn Advisors, Crescent Cove, Ventura Capital and Iberis Capital.
Tekever said in July that Britain’s Ministry of Defence had selected the company to provide surveillance technology under a programme worth up to 400 million pounds ($536 million) over 10 years.
“Artificial intelligence, autonomy and sovereign technological capability will be fundamental to the security and resilience of democratic societies in the decades ahead,” Ricardo Mendes, Tekever’s founder and chief executive, said in a statement.
“This investment gives us the resources to move faster, scale further and continue building a global technology leader from Europe.”
Tekever said it would use the proceeds to expand internationally, increase its industrial and technological capabilities and accelerate strategic acquisitions.
European governments have been seeking to strengthen domestic defence production as the war in Ukraine exposes gaps in military capabilities and raises concerns about Europe’s reliance on foreign technology and suppliers.
“Europe’s security will increasingly depend on its ability to build technology companies that
can innovate at speed, scale industrially and deliver capabilities that respond to real operational needs,” Ben Wallace, portfolio manager at Merlyn Advisors and a former U.K. defense secretary, said in a statement.
“Tekever has a proven track record that shows it can do all three.”
The funding underscores the growing investor appetite for European defence technology startups as governments increase military spending.
German autonomous drone companies Helsing and Quantum Systems raised $1.8 billion and 1 billion euros respectively in July. British air and missile defence company Cambridge Aerospace raised $300 million in August, while German AI-enabled unmanned systems startup Stark raised 500 million euros in June.
The fundraising comes as European governments seek to build greater capacity in areas including drones, autonomous systems, artificial intelligence, air defence and battlefield communications, with Ukraine’s experience of drone warfare accelerating demand for such technologies.
Stay ahead of the Stories shaping our world. Subscribe to Impact Newswire and join our
WhatsApp Channel for updates on global tech, business, and innovation—all in one place.
Dive deeper into the future with the Cause Effect 4.0 Podcast, where we explore the ideas, trends, and technologies driving the global AI conversation.
Got a story to share? Contact Us to reach a global audience with Impact Newswire.
Faustine Ngila is the AI Editor at Impact Newswire, based in Nairobi, Kenya. He is an award-winning journalist specializing in artificial intelligence, blockchain, and emerging technologies.
He previously worked as a global technology reporter at Quartz in New York and Digital Frontier in London, where he covered innovation, startups, and the global digital economy.
With years of experience reporting on cutting-edge technologies, Faustine focuses on AI developments, industry trends, and the impact of technology on society.
Discover more from Impact Newswire
Subscribe to get the latest posts sent to your email.
