Portuguese IT startup TEKEVER, which specializes in developing drones for reconnaissance using AI, has attracted about $500 million in investment, which raised its valuation above $1 billion. The company has offices in Ukraine, and its drones have helped the Ukrainian Armed Forces destroy billions of dollars worth of Russian equipment.
Portuguese IT startup TEKEVER, which specializes in developing drones for reconnaissance using AI, has attracted about $500 million in investment, which raised its valuation above $1 billion. The company has offices in Ukraine, and its drones have helped the Ukrainian Armed Forces destroy billions of dollars worth of Russian equipment.
The new round of funding is fully supported by investors to accelerate TEKEVER’s expansion, the startup said. The round was led by Ventura Capital, Baillie Gifford, the NATO Innovation Fund (NIF), Iberis Capital and Crescent Cove; it confirmed TEKEVER’s valuation of $1.25 billion.
It is noted that investments in research, infrastructure, and defense technologies will create more than 1,000 jobs and lay the foundation for sovereign capabilities in next-generation warfare. The planned 5-year program will expand production of the TEKEVER drone family to include the AR3 and AR5.
The startup claims that in partnership with the UK Ministry of Defense and the Armed Forces of Ukraine, TEKEVER systems have flown over 10,000 combat hours and contributed to the destruction of Russian military assets (including two S-400 air defense systems) worth about $4 billion.
«TEKEVER’s experience in deploying autonomous systems in Ukraine has shown us that the future of defense is, above all, flexibility. That is why we are launching our new strategy aimed at creating a defense innovation ecosystem that enables companies of all sizes to innovate at the right pace and scale for a common mission — securing the future of Europe,» commented Ricardo Mendez, CEO of TEKEVER.
According to John Ridge, Chief Adaptation Officer of the NATO Innovation Fund, TEKEVER has become one of the most successful suppliers of drones to Ukraine.
«Their drone surveillance solutions are helping Ukraine counter Russian aggression by constantly innovating to keep up with the pace of the conflict,» he said.
The publication «Military» reported that Ukraine uses AR3 and AR5 UAVs from TEKEVER, which are constantly being improved thanks to feedback from Ukrainian specialists.
The AR3 is designed for reconnaissance at sea and on land with vertical take-off and landing capabilities. It has a wingspan of 3.5 m, a length of 1.9 m and a mass of 25 kg.
The AR5 is a tactical-level drone that is also designed for reconnaissance at sea and on land. It has a wingspan of 7 m, a length of 4 m, a mass of 170 kg, and can stay in the air for up to 20 hours.
Recall that recently, the German company Quantum Systems, which produces autonomous UAVs, attracted 160 million euros in investment and became one of the few European defense startups with unicorn status. Quantum Systems operates in Ukraine and is a resident of «Diya.City».
