Today defencetech company TEKEVER announced the raise of a new funding, cementing the company as Europe’s latest unicorn.
Fully committed by existing investors, including round leader Ventura Capital, Baillie Gifford, the NATO Innovation Fund (NIF), Iberis Capital and Crescent Cove, the round confirms TEKEVER’s valuation above £1 billion.
The funding round coincides with the launch of TEKEVER’s ambitious five-year £400 million development program for the UK, known as OVERMATCH, aimed at transforming the UK’s defence industry and ensuring the UK and its allies remain at the forefront of vital autonomous, AI-driven technology.
The investment in research, infrastructure, and defence technology will generate more than 1000 high-skilled jobs and lay the foundation for a sovereign capability in next-generation warfare. The project will expand production of TEKEVER’s family of UAS (unmanned aerial systems, popularly known as drones), including the AR3 and AR5, in the UK, supporting the development of sovereign defence systems.
Building on three years of frontline innovation in partnership with the UK Ministry of Defence and Ukrainian forces, TEKEVER’s systems have accumulated over 10,000 combat flight hours and contributed to the destruction of over £3 billion worth of Russian military assets — including two of Russia’s advanced S-400 air defence systems.
OVERMATCH is the next step: scaling this battlefield- proven success into a sustainable, strategic capability for the UK, around four core pillars:
- BUILD: TEKEVER will establish Centres of Excellence for Autonomy in the UK — hubs designed to unite academia, industry, and government in pursuing defence innovation.
- NETWORK: This involves expanding a pan-European testing and evaluation infrastructure, including new facilities built upon existing operations in the UK.
- SCALE: TEKEVER will deliver next-generation production hubs capable of responding with speed and flexibility to evolving operational demands.
- PARTNER: This pillar reflects TEKEVER’s commitment to fostering an inclusive ecosystem, promoting collaboration between large and small players, and encouraging greater cross-border cooperation among like-minded nations.
At the heart of TEKEVER’s strategy is the creation of a defence innovation ecosystem that will bring together European businesses, particularly SMEs to integrate, test and scale new defence technologies to support the armed forces in the delivery of complex missions.
A key lesson from the war in Ukraine is that success requires being constantly one step ahead. A new type of government-industry relationship, that puts operational output front and centre, embraces new technologies faster than ever before, and iterates those capabilities faster than our adversaries is essential. With OVERMATCH, TEKEVER is stepping up and committing its full support in driving forward this critical agenda.
Ricardo Mendes, CEO of TEKEVER, asserts that the future of Europe relies on more than just increased defence spending:
“We need to transform our industrial base and be smarter about investments. TEKEVER’s experience deploying autonomous systems in Ukraine has shown us that the future of defence is about agility more than anything.
That’s why we are launching our new strategy focused on establishing a defence innovation ecosystem that empowers companies of all sizes to innovate at pace and scale with the shared mission of securing the future of Europe.”
John Ridge, Chief Adoption Officer at the NATO Innovation Fund has been a fan of Tekever since my time as the Director of Innovation in the UK Ministry of Defence.
“Their mission focus and adaptability made them one of the most successful drone providers into Ukraine through Task Force Kindred. Their offering of uncrewed surveillance solutions has been instrumental in helping Ukraine counter Russian aggression by continuously innovating at the pace of conflict.
We are committed to fully supporting Tekever’s Project Overmatch.”
Chris Evdaimon, Investment Manager, Private Companies at Baillie Gifford, commented: “The global defence and security landscape is rapidly changing and TEKEVER is well-placed to capture the opportunities emerging in this sector.
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