Tekever, a developer of AI-driven autonomous systems, has finalised the first stage of its $580m Series D fundraising, drawing investment from both new and long-standing supporters.
Announced on 23 September, the fundraising was led by UC Investments (University of California) and Baillie Gifford, with Merlyn Advisors joining as a first-time strategic investor.
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Existing shareholders Crescent Cove, Ventura Capital and Iberis Capital have also renewed their investment.
Tekever said the new funding, which raises the company’s valuation to $6.4bn, will support its next phase of growth.
The company plans to use the investment to enhance its capacity to implement business plans, increase its international footprint, broaden its industrial and technological resources, and pursue strategic acquisitions.
The initial closing represents most of the total fundraising, and the Portuguese firm intends to conduct additional Series D rounds in the coming months to bring in new strategic investors.
Tekever founder and chief executive officer Ricardo Mendes said: “This investment gives us the resources to move faster, scale further and continue building a global technology leader from Europe.”
The new funding follows a period of rapid expansion for the company. In July this year, Tekever was selected by the UK Ministry of Defence to provide the British Army with its next-generation surveillance system, known as CORVUS.
The contract, which could be worth up to £400m over a decade, is based on Tekever’s AR5 air system and is intended to deliver an autonomous, AI-assisted surveillance capability.
Earlier this month, the company acquired Flowcopter, a Scottish aerospace firm already involved as a component supplier within its uncrewed aerial systems (UAS) supply chain.
The company said the acquisition would help expand its industrial base and technical capabilities to meet increasing demand.
University of California chief investment officer Jagdeep Singh Bachher said: “Tekever has built an exceptional technology platform over more than two decades with a proven record of operational success. We are delighted to support Tekever in its next phase of international growth.”
