Tekever hits $6.4 billion valuation

Portuguese-British AI drone maker Tekever reached a six point four billion dollar valuation on Wednesday after raising five hundred eighty million dollars in new funding.

Drones logged 50,000 hours in Ukraine

Tekever says its autonomous surveillance drones have completed more than fifty thousand operational flight hours in Ukraine since Russia's full-scale invasion began in two thousand twenty-two.

Major investors back the round

University of California Investments and Baillie Gifford led the funding round, with Merlyn Advisors, Crescent Cove, Ventura Capital and Iberis Capital also contributing to the investment.

UK defense contract worth £400 million

In July, the UK Ministry of Defence selected Tekever to provide surveillance technology under a program worth up to four hundred pounds million, around five hundred thirty million dollars, over ten years.

CEO on Europe's security needs

Tekever founder and CEO Ricardo Mendes said artificial intelligence, autonomy and sovereign technological capability will be fundamental to democratic societies' security in the decades ahead.

“Artificial intelligence, autonomy and sovereign technological capability will be fundamental to the security and resilience of democratic societies in the decades ahead.”

European defense startups surge

Tekever is one of several European defense tech startups raising large rounds. German drone makers Helsing and Quantum Systems raised one point eight billion dollars and one billion euros respectively in July.