TEKEVER has been crowned as Europe’s newest unicorn and pledged to invest £400m into expansion in the UK.
The firm, headquartered in Lisbon, Portugal, is targeting global leadership in AI-driven autonomous defence and security. It has a base in Southampton.
Its latest round of funding was fully committed by existing investors, including round leader Ventura Capital, Baillie Gifford, the NATO Innovation Fund (NIF), Iberis Capital and Crescent Cove.
It coincides with the launch of TEKEVER’s ambitious five-year £400m development programme 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 1,000 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 £3bn worth of Russian military assets — including two of Russia’s advanced S-400 air defence systems.
TEKEVER will establish centres of excellence in the UK — hubs designed to unite academia, industry and government; expand its pan-European testing and evaluation infrastructure, including new facilities built upon existing operations in the UK; and deliver production hubs capable of responding with speed and flexibility to evolving operational demands.
“The future of Europe relies on more than just increased defence spending; we need to transform our industrial base and be smarter about investments,” said Ricardo Mendes, CEO of TEKEVER.
“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.
“This latest funding round will help us deliver that mission. The continued backing from our investors, including Baillie Gifford and the NATO Innovation Fund, reflects their confidence in our vision, technology and long-term success.”
John Ridge, chief adoption officer at the NATO Innovation Fund, commented: “I have 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. It is therefore extremely exciting to be supporting them in my current role as the Chief Adoption Officer at the NATO Innovation Fund.
“Not only are they integrating increasingly sophisticated AI and software into their platforms, they are now also forging innovative new partnerships between government and industry to help transform Europe’s industrial base. We are committed to fully supporting Tekever’s Project Overmatch, which will catalyse the development of AI and autonomy in the UK, create thousands of high-skilled jobs, and help NATO unlock the potential of new technology to deal with an increasingly complex security environment in Europe.”