TEKEVER is now worth $6.4 billion, after raising another $580 million
The Series D is led by UC Investments, making its first direct investment in Europe, and Baillie Gifford. In August the talk was of about €500 million at a €5.5 billion valuation; it closed at almost exactly those terms.
TEKEVER, the autonomous-systems company founded in Portugal, has closed the first tranche of a $580 million Series D round, valuing the business at $6.4 billion. The company confirmed the figures itself, with UC Investments (the University of California’s fund, making its first direct investment in Europe) and Scottish investment manager Baillie Gifford leading the round.
In August, the drone maker was reported to be negotiating about €500 million at a €5.5 billion valuation. Converted, that is almost exactly where it landed: $580 million is roughly €500 million, and $6.4 billion roughly €5.5 billion. The company expects further closings over the coming months to bring in new strategic investors.
Joining them is Merlyn Advisors as a new investor, alongside three returning backers: Crescent Cove, Ventura Capital and Iberis Capital. The money, the company says, will deepen its international presence and industrial capacity, accelerate acquisitions and push further into AI-powered autonomous systems. “This investment gives us the resources to move faster, scale further and continue building a global technology leader from Europe,” said founder and CEO Ricardo Mendes.
From a British contract back to Lisbon
The raise comes shortly after the UK Ministry of Defence picked TEKEVER to replace the British Army’s surveillance drones, a contract known as CORVUS, worth up to £400 million over a decade and built on the company’s AR5 aircraft.
The announcement was datelined London, but the first address on the company’s own website is still Lisbon, where it started, and TEKEVER has been building out its AI side, including by buying the startup Cloudsweep. At a $6.4 billion valuation, it is now one of Europe’s most valuable defence-tech unicorns.
By Oliver Grant
Photo: Royal Air Force / UK Ministry of Defence, Crown Copyright (OGL v3.0)