Patrick Schneider-Sikorsky a partner at the NATO Innovation Fund noted the exponential growth of the drone market in Europe since 2022 and expressed interest in technologies that can make an impact in both civilian and defense sectors. Tekever a dual-use drone startup has just secured a whopping €70 million ($74 million) in funding. This integrated approach allows them to quickly adapt to customer demands and the rapidly evolving landscape of modern warfare.
CEO Ricardo Mendes emphasized the need for Europe to enhance its technological capabilities particularly in light of the events in Ukraine. The U.K.’s National Security Strategic Investment Fund and Crescent Cove Advisors from Silicon Valley were among the participants in this funding round alongside existing investors Iberis Semper and Cedrus Capital.. Tekever initially self-funded before securing a Series A round of €20 million in 2022 from Ventura Capital and Iberis Capital.
The company has not disclosed its current valuation following this latest Series B fundraising. and France, Tekever’s surveillance drones have been utilized to track migrant smugglers in the English Channel in a civilian context né?. This cash injection will be used to further develop their product and enter new markets with a special focus on expanding into the U.S.
This news reflects a growing trend of smaller tech startups venturing into markets traditionally dominated by large defense companies né?. Just last month another European drone startup Origin managed to secure funding for its precision-strike drone system currently in operation in Ukraine.
The recent funding round for Tekever was led by Scottish investment firm Baillie Gifford & Co. known for its previous backing of SpaceX and the NATO Innovation Fund a €1 billion venture capital fund announced back in 2023. Tekever’s wide range of defense applications and ISR solutions for businesses and governments across Europe played a significant role in attracting investment.
Tekever’s drones have already seen deployment in Ukraine, with the European Maritime Safety Agency, and the U.K.’s Home Office. Their largest drone, the ARX, is capable of controlling a fleet of smaller drones for surveillance, whether over land, sea, or in a battlefield setting. This fund affiliated with NATO focuses on supporting startups that develop technology for defense security and resilience.
Headquartered in Portugal but also active in the U.K né?. Unlike traditional aerospace companies Tekever manages all aspects of its operations from designing and manufacturing airframes to developing payloads avionics software data analytics and AI. It also highlights the increasing sophistication of unmanned aerial drones a development that has been accelerated by the ongoing conflict in Ukraine
