TEKEVER Valuation, Funding & Investors

TEKEVER is valued at $6.4B as of September 2026.

Last TEKEVER valuation

$6.4B

Series D · Sep 2026

Last TEKEVER funding round

$580M

Series D · Sep 2026

Cumulative funding TEKEVER raised

$677M

across 4 funding rounds

Key investors in TEKEVER

  • Iberis Capital
  • Baillie Gifford
  • Ventura Capital
  • Crescent Cove Advisors
  • NATO Innovation Fund
  • National Security Strategic Investment Fund

TEKEVER Overview

About TEKEVER

TEKEVER is a Portuguese developer and operator of AI-powered unmanned aerial systems and autonomous systems for defence, security and civil missions. Founded in Lisbon by Ricardo Mendes, who remains chief executive, the company designs and builds vertically integrated drones such as the AR3, AR5 and ARX, together with the sensors, software and data analytics that go with them. It sells both the platforms and intelligence-as-a-service, in which it flies the missions and delivers the data to the customer. Customers include maritime safety agencies, border and home affairs authorities, armed forces and commercial users in Europe, North America and other regions. The company has operations in the United Kingdom, France and Germany beside its Portuguese base. Revenue comes from product sales, contracted surveillance services and software.


Founded

2001

HQ

PortugalLisbon

Status

Privately held

Customer focus

B2B & B2G

Revenue model

Services

Valuation

$6.4B (Sep 2026)

TEKEVER Valuation

TEKEVER is currently valued at $6.4B, based on its Series D in September 2026. Read the announcement ↗

The $580M round was led by UC Investments and Baillie Gifford, with participation from Merlyn Advisors, Crescent Cove Advisors, Iberis Capital and Ventura Capital.

TEKEVER's valuation has grown 5.1x from $1.3B at its undisclosed-stage round in May 2025 to $6.4B in September 2026, across 2 priced rounds.

TEKEVER valuation by funding round

TEKEVER valuation by funding round
DateStageValuation
Sep 2026Series D$6.4B
May 2025Undisclosed stage$1.3B

TEKEVER Funding History

TEKEVER has raised a total of $677M across 4 funding rounds.

TEKEVER's first fundraising round was a $23M Series A in January 2022. The most recent completed round was a $580M Series D in September 2026.

TEKEVER funding rounds

TEKEVER funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2026Series DUC Investments (lead); Baillie Gifford (lead); Merlyn Advisors; Crescent Cove Advisors; Iberis Capital; Ventura Capital$580M$6.4BTEKEVER announced on 23 September 2026 the first close of its USD 580 million Series D financing, valuing the company at USD 6.4 billion. The round was led by UC Investments, the investment arm of the University of California, and Baillie Gifford. Merlyn Advisors joined as a new strategic investor alongside existing shareholders Crescent Cove Advisors, Ventura Capital and Iberis Capital. The announcement followed the selection of TEKEVER by the UK Ministry of Defence to deliver CORVUS, the British Army's new surveillance capability, in a programme worth up to GBP 400 million over ten years. Bloomberg reported that the company is seeking acquisitions after the first close, and TEKEVER's chief executive Ricardo Mendes described the investment as far more than a capital raise. TEKEVER is a Portuguese provider of AI-powered autonomous systems and drones for defence and security customers, founded in 2001 in Lisbon, with products including the AR3, AR5 and ARX platforms and operations in the UK, France and Germany.
May 2025Undisclosed stageVentura Capital (lead); Baillie Gifford; NATO Innovation Fund; Crescent Cove Advisors; Iberis Capital-$1.3BTEKEVER announced a new funding round in May 2025 that confirmed a valuation above GBP 1 billion and made it the NATO Innovation Fund's newest deep tech unicorn. The round was led by Ventura Capital and fully subscribed by existing investors, including the NATO Innovation Fund, Baillie Gifford, Iberis Capital and Crescent Cove Advisors. The size of the round was not disclosed. The company announced the round together with OVERMATCH, a five-year GBP 400 million programme to expand its UK development and production of AI-driven autonomous systems for UK and NATO forces, a separate commitment that is not part of the round. TEKEVER's chief executive Ricardo Mendes said the continued backing of investors including Baillie Gifford and the NATO Innovation Fund reflected confidence in its vision, technology and long-term success. TEKEVER is a Portuguese provider of AI-powered unmanned aerial systems, including the AR3 and AR5, for defence, maritime security, civil protection and environmental monitoring. Its systems have logged more than 10,000 combat flight hours in Ukraine over three years.
Nov 2024Series BBaillie Gifford (lead); NATO Innovation Fund (lead); National Security Strategic Investment Fund; Crescent Cove Advisors; Cedrus Capital; Iberis Capital$74M-TEKEVER is a European provider of AI-centric Unmanned Aerial Systems (UAS), specializing in dual-use drones for defense, security, intelligence, surveillance, and reconnaissance. The company develops software-centric, vertically integrated platforms with real-world operational experience, including deployments in Ukraine, and serves customers such as the European Maritime Safety Agency, UK Home Office, and defense forces in Europe, North America, and Southeast Asia. On November 20, 2024, TEKEVER raised €70 million (approximately $74 million) in a Series B funding round led by Baillie Gifford and NATO Innovation Fund, with participation from National Security Strategic Investment Fund (NSSIF), Crescent Cove Advisors, Iberis Capital (or Iberis Semper), and Cedrus Capital. The funding aims to support sustainable growth, geographic expansion into priority markets like the US, continued product innovation in UAS and new lines, and scaling of production capacity to meet rising demand. Investors highlighted TEKEVER's rapid growth, profitability—a rarity in defense startups—and its position addressing the market gap for affordable medium-altitude long-endurance (MALE) fixed-wing drones with high payload and extended range. Baillie Gifford praised the company's transformative potential, while NATO Innovation Fund emphasized advancing alliance security through deep tech.
Jan 2022Series AVentura Capital (lead); Iberis Capital$23M-TEKEVER raised EUR 20 million in a funding round led by Ventura Capital and announced on 24 January 2022, the first outside funding for the Lisbon-based company. Iberis Capital took part alongside a number of unnamed strategic investors from the maritime industry. TEKEVER said the money would speed up its global expansion and research and development and would let it add about 100 people to its workforce during 2022, ramping up product development and manufacturing capability and making its intelligence-as-a-service offering available in new geographies. Ventura Capital's managing partner Mo El Husseiny called TEKEVER a market leader with outclass technology and a flagship investment for the fund. TEKEVER, founded in 2001 in Lisbon, builds unmanned aerial systems with integrated AI for maritime surveillance that can fly up to 20 hours while carrying cameras, radars or cellphone detectors. It launched its commercial services in 2018 and said its revenue and profits had grown consistently, expecting a compound annual growth rate of at least 60 percent over the following three years.

Who has invested in TEKEVER?

9 investors have backed TEKEVER across its funding rounds, including Iberis Capital, Baillie Gifford, Ventura Capital, Crescent Cove Advisors, NATO Innovation Fund and National Security Strategic Investment Fund.

Lead investors include UC Investments, Baillie Gifford, Ventura Capital and NATO Innovation Fund.


TEKEVER Investors

Investors in TEKEVER by funding rounds participated
InvestorHQRoundsRoleFirst check
Iberis CapitalPortugalLisbon4ParticipantJan 2022
Baillie GiffordUnited KingdomEdinburgh3LeadNov 2024
Crescent Cove AdvisorsUnited StatesSan Francisco, CA3ParticipantNov 2024
Ventura CapitalUnited KingdomLondon3LeadJan 2022
NATO Innovation FundBelgiumBelgium2LeadNov 2024
National Security Strategic Investment FundUnited KingdomLondon1ParticipantNov 2024
UC InvestmentsUnited StatesOakland, CA1LeadSep 2026

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Acquisitions by TEKEVER

TEKEVER has acquired 4 companies to date.

Last acquisition by TEKEVER was on September 1st 2026. TEKEVER acquired Flowcopter for undisclosed valuation.


Latest Acquisitions by TEKEVER

Flowcopter
Cloudsweep
West Wales Airport
Cocoon Experience
Description
Flowcopter is a logistics technology developer focused on extended-range heavy-payload transport for humanitarian and environmental missions in demanding conditions.
Cloudsweep is a San Francisco-headquartered FinOps platform that analyzes source code, architecture, telemetry, and billing to identify cloud cost inefficiencies. Integrating with GitHub, Terraform, AWS Cost Explorer, and Kubernetes, it provides dashboards for engineering and finance teams to govern spending during development on multi-cloud setups.
West Wales Airport is a specialist aviation facility at Aberporth in Ceredigion, Wales. It provides segregated airspace, runway access and operating support for unmanned aircraft and other aerospace testing. Defense contractors, technology developers and government customers use the site for flight trials, demonstrations and training. The airport is positioned next to the ParcAberporth technology area and can support operations over Cardigan Bay. Revenue comes from aviation access, test services, facilities and project support rather than scheduled passenger traffic. TEKEVER acquired the airport in 2025 to establish a permanent United Kingdom base for development and deployment of autonomous defense systems. The facility complements TEKEVER's aircraft engineering, manufacturing and mission-operations capabilities.
Cocoon Experience is a Lisbon-based consultancy delivering immersive business transformation programs for corporate teams. It designs multi-day retreats combining experiential learning, team-building challenges, and strategic workshops at venues in Portugal and Spain. Cocoon Experience serves clients in tech and finance sectors, facilitating outcomes like innovation roadmaps and cultural shifts. Established in 2016, the firm hosts 50 events yearly with capacities up to 100 participants, incorporating VR simulations and outdoor adventures.
HQ CountryUnited KingdomPortugalUnited KingdomPortugal
HQ City
Edinburgh
Lisbon
Aberporth
Lisbon
Deal Date1 Sep 20267 Jul 202618 Jul 20251 Jul 2025
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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TEKEVER Competitors

TEKEVER competitors include listed companies like Avic (Chengdu) Uas, AeroVironment and Hanwha Systems, and private ones like True Anomaly, Anduril and Quantum Systems.

Public and private companies comparable to TEKEVER
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
True AnomalyUnited StatesDenver, COPrivate--$2.2B-
AndurilUnited StatesLos Angeles, CAPrivate$2.2B-$61B27.7x
Avic (Chengdu) UasChinaChinaPublicly listed$453M$19M$3.6B-
AeroVironmentUnited StatesUnited StatesPublicly listed$2B($35M)$6.4B3.2x
Quantum SystemsGermanyGilchingPrivate$330M-$8B24.2x
Hanwha SystemsSouth KoreaSouth KoreaPublicly listed$2.7B$240M$8.5B3.2x

TEKEVER Public Comps

TEKEVER is still privately-owned, but its public comps include AeroVironment, Guide Infrared, China Aerospace Times, TKMS, ESCO Technologies, Kuang-Chi, LIG Defense&Aerospace, Korea Aerospace Industries, Fincantieri and Amentum.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
AeroVironment$2B($35M)3.4x3.2x(191.0x)22.0x
Guide Infrared$694M$177M9.1x7.6x35.5x-
China Aerospace Times$2.1B$167M3.5x3.1x44.1x-
TKMS$2.4B$229M2.0x1.7x21.3x16.9x
ESCO Technologies$1.1B$245M5.7x4.6x25.3x18.6x
Kuang-Chi$307M$133M17.6x-40.8x-
LIG Defense&Aerospace$3.2B$307M2.5x2.2x26.3x18.8x
Korea Aerospace Industries$2.8B$280M3.4x2.5x33.1x28.0x

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Common questions about TEKEVER

When was TEKEVER founded?TEKEVER was founded in 2001.
Where is TEKEVER headquartered?TEKEVER is headquartered in Lisbon, Portugal.
Is TEKEVER publicly listed?No, TEKEVER is a private, VC-backed company.
What is TEKEVER's valuation?TEKEVER was last valued at $6.4B in its Series D in September 2026.
How much funding has TEKEVER raised?TEKEVER has raised $677M across 4 funding rounds.
What was TEKEVER's last funding round?TEKEVER's last funding round was a $580M Series D in September 2026, led by UC Investments and Baillie Gifford.
Who are TEKEVER's investors?TEKEVER's investors include Iberis Capital, Baillie Gifford, Crescent Cove Advisors, Ventura Capital, NATO Innovation Fund, National Security Strategic Investment Fund, UC Investments, Merlyn Advisors and Cedrus Capital.
Which companies are comparable to TEKEVER?Companies comparable to TEKEVER include True Anomaly, Anduril, Avic (Chengdu) Uas, AeroVironment, Quantum Systems and Hanwha Systems.
How many companies has TEKEVER acquired?TEKEVER has acquired 4 companies, including Flowcopter, Cloudsweep, West Wales Airport and Cocoon Experience.

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