Insider Brief
- Tekever raised $580 million in the first close of a Series D round at a $6.4 billion valuation, with the financing supporting international expansion, manufacturing, technology development and potential acquisitions.
- UC Investments and Baillie Gifford led the round, with Merlyn Advisors joining as a new strategic investor and Crescent Cove, Ventura Capital and Iberis Capital also participating.
- Tekever said its autonomous systems have logged more than 50,000 operational flight hours in Ukraine since 2022, while the company has also signed a contract worth up to £400 million over 10 years to provide AR5 aircraft for the British Army’s Project CORVUS.
AI-powered drone maker Tekever announced raising $580 million in the first close of a Series D round that values the company at $6.4 billion.
According to the Portugal-based autonomous defense company, UC Investments, in its first direct investment in Europe, and Baillie Gifford led the round, and Merlyn Advisors joined as a new strategic investor. Existing shareholders Crescent Cove, Ventura Capital and Iberis Capital also participated. Tekever said it expects additional Series D closings over the coming months as it brings in more strategic investors.
Tekever said the new financing will support international expansion, manufacturing and technology development, and potential acquisitions. The company is also expanding its industrial footprint as it increases production of its autonomous systems.
According to Tekever, its autonomous drones have logged more than 50,000 operational flight hours there since 2022. Its AR3 alone has recorded more than 10,000 hours, and frontline feedback led to more than 100 changes to the platform. Tekever has also expanded its presence in Ukraine through a Kyiv office.
That operational experience is also feeding into Tekever’s work with the U.K. Ministry of Defence., the company noted. Tevever recently signed a contract worth up to £400 million over 10 years to provide its AR5 uncrewed aircraft under Project CORVUS, the British Army’s new long-range intelligence, surveillance and reconnaissance capability.
Image credit: Tekever
