Tekever, an AI drone maker, reaches $6.4 billion valuation amid increased European defense spending
Portuguese-British company Tekever has reached a $6.4 billion valuation after securing a $580 million funding round led by University of California Investments and Baillie Gifford. The AI-powered drone maker claims its systems have accumulated over 50,000 flight hours in Ukraine since the start of Russia's invasion in 2022. The investment is part of a broader trend as European defense-tech startups attract larger funding rounds due to increased military spending across the region. Tekever plans to use the funds for international expansion and strategic acquisitions. The U.K. Ministry of Defence has also selected Tekever for a £400 million ($530 million) surveillance technology program over 10 years. Tekever's CEO emphasized that AI, autonomy, and technological sovereignty are critical for democratic security in the coming decades. Other European defense startups like Helsing, Quantum Systems, Cambridge Aerospace, and Stark have also raised significant capital recently.
Tickers: $QMCO
Topics: AI drones Europe defense spending military technology