Tekever reaches $6.4 billion valuation following major drone funding round

Tekever, a Portuguese-British AI drone company, has secured a major funding round that could reach $580 million, valuing the firm at $6.4 billion. The investment round was led by University of California Investments and Baillie Gifford, with participation from Merlyn Advisors, Crescent Cove, Ventura Capital, and Iberis Capital.

The company specializes in autonomous surveillance systems and has recorded over 50,000 flight hours in Ukraine since the 2022 Russian invasion. Tekever also recently secured a contract from the United Kingdom’s Ministry of Defence, which could be worth up to £400 million over ten years.

CEO Ricardo Mendes stated that the capital will be used to fuel international expansion, enhance industrial and technical capacity, and pursue strategic acquisitions. Mendes anticipates a period of significant consolidation within the defense technology market as larger players acquire smaller companies to keep pace with rapid sector growth.