Tekever, a surveillance-drone maker founded in Portugal and based in the UK, announced the first close of a $580 million funding round on September 23. UC Investments and Baillie Gifford led it. Tekever says the round values it at $6.4 billion, about five times its value in May 2025.
New to this? Read it in simple words
- Tekever makes drones that watch borders, seas and battlefields. It was founded in Portugal and is based in the UK.
- It announced a new funding round of $580 million. Tekever says investors now value it at $6.4 billion.
- The British Army will use its drones, and the UK government says Ukraine’s forces already do.
- It is not public how much money has arrived. Its revenue and AI claims have not been checked by outsiders.
- Funding round
- When investors give a young company money in return for part of it.
- Valuation
- What investors say a whole company is worth.
- Drone
- An aircraft without a pilot on board, flown from far away or by software.
A $580 million round, not closed yet
Tekever announced the first close of a $580 million Series D round. UC Investments, which invests for the University of California, and the investment firm Baillie Gifford led it. Tekever says more closings will follow in the coming months.
Reuters and Tech Funding News describe $580 million as raised in this first close. Tekever’s own release is less clear, and how much money has actually arrived is not public.
Other investors include Merlyn Advisors, where former UK defence secretary Sir Ben Wallace works. Crescent Cove, Ventura Capital, and Iberis Capital invested again.
The euro figures in Portuguese media are conversions of the same deal. Tekever says more closings will follow.
From £1 billion to $6.4 billion
In May 2025, Tekever said it was worth more than £1 billion. The new valuation is about five times higher. Tekever did not say whether the $6.4 billion includes the new money.
Portuguese outlets reported the deal in euros: more than €500 million, at a value of €5.5 billion or €5.6 billion. These are conversions of the same deal, not separate figures.
Tekever has not published its revenue or profit.
Investors are pouring money into defence technology. PitchBook data cited by Tech Funding News puts defence tech venture funding at $49.1 billion in 2025, up from $27.2 billion in 2024.
Drones for armies and coastguards
Tekever’s AR5 drone is the base of CORVUS, a British Army surveillance programme worth up to £400 million over ten years. The drones will be built in Swindon and will replace the Army’s Watchkeeper drones.
The UK government says Ukraine’s forces use the AR5. Tekever says its drones have flown more than 50,000 hours there since 2022, a figure no one outside the company has confirmed.
Tekever calls its systems “AI-powered”. It has not published how its AI works, and no independent test of it is public.
Chief executive Ricardo Mendes told Bloomberg TV that Tekever wants to grow “through acquisitions”. He told the Portuguese outlet ECO that a stock market listing is on the horizon, but gave no date.
Sources
Every fact in this story comes from the sources below. Open them to check our work.
- 1Primary source · September 23, 2026TEKEVER raises US$580 million reaching US$6.4 billion valuation in Series D round led by UC Investments and Baillie Gifford Tekever
- 2Primary source · September 16, 2026TEKEVER signs up to £400 million CORVUS contract to deliver next-generation battlefield intelligence capability to the British Army Tekever
- 3Primary source · July 25, 2026Fleet of spy drones to equip British soldiers and back jobs in South West England and Wales UK Ministry of Defence
- 4Research · September 23, 2026Tekever raises $580 million as investors back Ukraine-honed defence tech firm Reuters via Euronext
- 5Research · September 23, 2026Tekever hits a $6.4bn valuation and plans acquisitions with its new round The Next Web
- 6Research · September 23, 2026Tekever nearly quintuples valuation to $6.4B with $580M round, fresh off £400M UK drone deal Tech Funding News
- 7Research · September 23, 2026Tekever levanta 500 milhões e voa para uma avaliação de 5,5 mil milhões de euros ECO
- 8Research · September 23, 2026Tekever capta mais de 500 milhões de euros em Série D e atinge avaliação de 5,6 mil milhões Dinheiro Vivo
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We read Tekever’s announcements and the UK Ministry of Defence’s CORVUS release, then compared Reuters, The Next Web, Tech Funding News, ECO, and Dinheiro Vivo. The valuation, flight hours, and AI claims come from the company, and we found no independent analyst comment on the round.