Tekever, the AI drone maker, has reached a $6.4 billion valuation following a $580 million Series D funding round, fueled by rising global demand for defence tech triggered by the war in Ukraine.
The Portuguese-British firm, which secured a $580 million funding round, creates AI-driven autonomous systems such as surveillance drones. Tekever states that its drones have accumulated over 50,000 operational flight hours in Ukraine since 2022, when Russia launched its full-scale invasion.
University of California Investments and Baillie Gifford headed the round, while Merlyn Advisors, Crescent Cove, Ventura Capital, and Iberis Capital also participated, reported CNBC.
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In July, Tekever stated that the UK Ministry of Defence had chosen it to supply surveillance technology under a 10-year programme valued at up to £400 million, or approximately $530 million.
“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 CEO, reportedly 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 stated that it plans to use the funds to strengthen its global footprint, enhance its industrial and technological capacities, and speed up strategic acquisitions.
The company is among several European defence technology startups securing ever-larger funding rounds as nations in the region ramp up their military rearmament efforts.
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In July, German autonomous drone companies Helsing and Quantum Systems each raised $1.8 billion and 1 billion euros, respectively. In August, British air and missile defence firm Cambridge Aerospace secured $300 million, while in June, the German AI-powered unmanned systems startup Stark raised 500 million euros.
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