The Portuguese IT startup TEKEVER, specializing in the development of drones for reconnaissance using AI, has raised around $500 million in investments, bringing its valuation above $1 billion. The company has offices in Ukraine, and its drones have helped the Ukrainian Armed Forces destroy Russian military equipment worth billions of dollars.
The new funding round was fully supported by investors to accelerate TEKEVER’s expansion, as stated by the startup. The round included participants such as Ventura Capital, Baillie Gifford, the NATO Innovation Fund (NIF), Iberis Capital, and Crescent Cove, and confirmed TEKEVER's valuation at $1.25 billion.
It is noted that investments in research, infrastructure, and defense technologies will create over 1,000 jobs and lay the foundation for sovereign capabilities in next-generation warfare. The planned 5-year program will expand the production of the TEKEVER drone family, including the AR3 and AR5 models.
The startup claims that in partnership with the UK Ministry of Defense and the Ukrainian Armed Forces, TEKEVER systems have flown over 10,000 combat hours and contributed to the destruction of Russian military assets (including two S-400 air defense systems) worth about $4 billion.
Ricardo Mendes, CEO of TEKEVER, commented:
"The future of Europe relies on more than just increased defence spending; we need to transform our industrial base and be smarter about investments. TEKEVER’s experience deploying autonomous systems in Ukraine has shown us that the future of defence is about agility more than anything. That’s why we are launching our new strategy focused on establishing a defence innovation ecosystem that empowers companies of all sizes to innovate at pace and scale with the shared mission of securing the future of Europe. This latest funding round will help us deliver that mission. The continued backing from our investors, including Baillie Gifford and the NATO Innovation Fund, reflects their confidence in our vision, technology and long-term success."
