Defense Drone Maker Tekever Raised 580 Million Dollars at a 6.4 Billion Valuation
Portuguese-British AI drone maker Tekever has closed the first tranche of a $580 million Series D round at a $6.4 billion valuation, led by UC Investments and Baillie Gifford, nearly five times its price tag a year ago, fresh off a £400 million UK Ministry of Defence contract.
A drone maker forged on the Ukrainian front line just landed one of Europe's largest defense-tech rounds of the year. Tekever announced Wednesday the first close of a $580 million Series D round, valuing the company at $6.4 billion — nearly five times what it was worth just a year ago, led by UC Investments and Baillie Gifford.
The round marks a genuine milestone for one of the backers: it's UC Investments' first direct investment in Europe, joined by new strategic investor Merlyn Advisors alongside existing shareholders Crescent Cove, Ventura Capital and Iberis Capital. A few details show how Tekever earned that confidence:
- Its autonomous systems have logged more than 50,000 operational flight hours in Ukraine since 2022
- The company recently signed a contract worth up to £400 million over 10 years to supply AR5 uncrewed aircraft under Project CORVUS, the British Army's long-range surveillance program
- Its aircraft lineup spans the smaller, modular AR3/AR3 EVO up to the larger AR5, which can fly for roughly 20 hours carrying up to 50kg of payload
Founder and CEO Ricardo Mendes framed the round as more than a capital injection, saying it brings together "an exceptional group of investors around a shared ambition for what TEKEVER is becoming."
Founded in Portugal in 2001 and now headquartered in Britain, Tekever plans to use the funds for international expansion, manufacturing capacity and acquisitions — with the company confirming it expects additional closings of the Series D in the coming months as European governments continue ramping up defense spending on technology built closer to home.
