TEKEVER, a Portuguese-founded company that develops AI-powered autonomous systems, has announced the first close of a $580 million Series D funding round. The investment values the company at S$6.4 billion.
TEKEVER is known for developing AI-enabled autonomous drones and the software and intelligence systems that support them. Its technology is used for military and civilian missions, including battlefield intelligence, maritime patrol, border monitoring, search and rescue, and detecting illegal activities at sea.
The company is more than just a drone maker. TEKEVER combines drones, sensors, communications, AI, data processing and ground-control software to help customers collect and analyse information in real time. Its main aircraft include the modular AR3/AR3 EVO and the larger AR5, which can fly for up to around 20 hours and carry payloads of up to 50 kg.
The Series D round was led by UC Investments, the University of California’s investment arm, and Baillie Gifford. It is UC Investments’ first direct investment in Europe. Merlyn Advisors also joined as a new strategic investor, while existing investors Crescent Cove, Ventura Capital and Iberis Capital continued their support.
The first close represents most of the planned funding, but TEKEVER expects to complete additional closings in the coming months. These will allow the company to bring in more strategic investors.
The funding announcement comes shortly after TEKEVER was selected by the UK Ministry of Defence to provide CORVUS, a new surveillance system for the British Army. The programme could be worth up to £400 million over 10 years.
CORVUS will use TEKEVER’s AR5 drone system and combine AI-powered autonomy with the company’s experience in defence technology. The programme is expected to support the development and expansion of advanced defence systems in the UK and Europe.
Ricardo Mendes, Founder and CEO of TEKEVER, said the investment is about more than raising money. He said the funding brings together a group of investors who share the company’s vision for its future.
“Having such a long term investor like UC Investments choose TEKEVER for its first direct investment in Europe is a powerful endorsement of our technology, our team and our long-term vision. We’re very happy with the continued support from Baillie Gifford, that continues to be a fantastic partner that is really helping us grow as a company.
The arrival of Merlyn Advisors adds significant strategic expertise, while the continued backing of Crescent Cove, Ventura Capital and Iberis Capital demonstrates the conviction of investors who have already been part of our journey.
Together, we share the belief that scientific excellence, artificial intelligence, autonomy and sovereign technological capability will be fundamental to the security and resilience of democratic societies in the decades ahead. This investment gives us the resources to move faster, scale further and continue building a global technology leader from Europe.” Jagdeep Singh Bachher, the University of California’s chief investment officer, said.
The new funding will help TEKEVER support its next stage of growth. It will give the company more resources to expand its international business and strengthen its technology and manufacturing capabilities.
TEKEVER also plans to use the funding to speed up strategic acquisitions and continue developing its AI-powered autonomous systems. The company aims to strengthen its position as a leading European technology provider in this field.
