Tekever Secures €70 Million for Drone Expansion

Tekever, a dual-use drone startup, has successfully raised €70 million ($74 million) in funding, led by Baillie Gifford & Co. and the NATO Innovation Fund, to enhance its technology and expand into the U.S. market. This investment reflects the trend of smaller tech startups entering sectors traditionally dominated by large defense contractors, particularly in the wake of technological advancements spurred by the war in Ukraine. Tekever's innovative unmanned aerial systems (UAS) are utilized in both civilian and military applications, including environmental monitoring and intelligence missions in Ukraine. The company is noted for its vertically integrated approach, controlling all aspects from design to software, allowing for rapid adaptation to customer needs. CEO Ricardo Mendes emphasized the urgent need for Europe to improve its technological capabilities amidst rising global tensions. The funding will also support increased research and development and expansion of Tekever's global production capabilities.