Tekever raises $580 million as investors back Ukraine-honed defence tech firm

Sept 23 : European autonomous systems developer Tekever said on Wednesday it had raised $580 million in the first close of a Series D funding round led by UC Investments and Baillie Gifford, valuing the defence technology company at $6.4 billion.

Tekever said it would use the funding to expand internationally, increase manufacturing and technology capabilities, pursue acquisitions and accelerate development of AI-powered autonomous systems.

Founded in Portugal in 2001 and now headquartered in Britain, Tekever has expanded as European governments ramp up defence spending and seek to build military technology capabilities closer to home.

It has been among a small group of European defence technology firms to convert operational experience in Ukraine into long-term military programmes, exemplified by its recent selection for the British Army's CORVUS drone surveillance programme following more than 50,000 operational flight hours flown in Ukraine since 2022.

Chris Evdaimon, an investment manager at Baillie Gifford, said Tekever's software-centric model and operational experience had helped it rapidly translate technology into deployable capabilities.

The company has sought to position itself as a provider of autonomous surveillance systems rather than solely a drone manufacturer, combining aircraft, software and intelligence services.