TEKEVER, provider of AI-powered autonomous systems, today announced the first close of its $580 million Series D financing, valuing the company at S$6.4 billion.
TEKEVER is a Portuguese-founded defence and aerospace company best known for building AI-enabled autonomous drones (UAS) and the software/intelligence systems around them. Its systems support both military and civilian surveillance missions, including battlefield intelligence, maritime patrol, border surveillance, search and rescue, and monitoring illegal activity at sea.
The important thing is that TEKEVER isn't simply a drone manufacturer. It combines the aircraft, sensors, communications, AI/data processing, and ground-control software so customers can collect and analyse intelligence in real time. Its main aircraft include the smaller, highly modular AR3/AR3 EVO and the larger AR5, which can fly for up to around 20 hours and carry up to 50 kg of payload.
UC Investments (University of California) and Baillie Gifford led the round, which marks UC Investments’ first direct investment in Europe. Merlyn Advisors joined TEKEVER as a new strategic investor alongside continued investment from shareholders Crescent Cove, Ventura Capital and Iberis Capital.
While this first close covers the majority of the fundraise, the company expects to complete additional closings of the Series D over the coming months to bring onboard new strategic investors.
The Series D announcement comes shortly after TEKEVER was selected by the UK Ministry of Defence to deliver CORVUS, the British Army’s new surveillance capability, under a programme worth up to £400 million over the next ten years.
Built on TEKEVER’s battle-proven AR5 system, CORVUS combines operational experience, AI-enabled autonomy, sovereign industrial capability and continuous technology evolution. The programme represents another significant milestone in TEKEVER’s growth and reinforces the company’s position as a long-term strategic capability partner for Europe, able to develop, industrialise and continuously evolve sovereign defence technologies at scale.
According to Ricardo Mendes, Founder and Chief Executive Officer of TEKEVER, the investment represents far more than a capital raise. It brings together an exceptional group of investors around a shared ambition for what TEKEVER is becoming.
"Having such a long term investor like UC Investments choose TEKEVER for its first direct investment in Europe is a powerful endorsement of our technology, our team and our long-term vision. We’re very happy with the continued support from Baillie Gifford, that continues to be a fantastic partner that is really helping us grow as a company.
The arrival of Merlyn Advisors adds significant strategic expertise, while the continued backing of Crescent Cove, Ventura Capital and Iberis Capital demonstrates the conviction of investors who have already been part of our journey.
Together, we share the belief that scientific excellence, artificial intelligence, autonomy and sovereign technological capability will be fundamental to the security and resilience of democratic societies in the decades ahead. This investment gives us the resources to move faster, scale further and continue building a global technology leader from Europe.”
Jagdeep Singh Bachher, the University of California’s chief investment officer, said:
“At UC Investments, we take a long-term view and look for companies with both technical depth and the ability to execute at scale.
TEKEVER has built an exceptional technology platform over more than two decades with a proven record of operational success.”
The financing will support TEKEVER’s next phase of growth. It strengthens the company’s ability to execute its strategy, deepen its international presence, expand its industrial and technological capabilities, accelerate strategic acquisitions and build on its position as the leading European technology company in AI-powered autonomous systems.
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