Tekever, which focuses on surveillance drones, has completed an initial close on a round targeting $580 million. The company says it anticipates further money to come in over the next few months under this same raise, which pegs its valuation at $6.4 billion. Bloomberg had previously reported the planned round.
Leading the financing were UC Investments - which serves as the University of California's investment arm - together with existing investor Baillie Gifford. Merlyn Advisors entered as a new strategic participant. Crescent Cove, Ventura Capital, and Iberis Capital maintained their participation. CEO Ricardo Mendes told Bloomberg Television the money is "precisely designed to support that growth, not only organically, developing new technology, but through acquisitions." He also expects "tremendous consolidation" across defense tech over the next few years.
Tekever employs more than 1,500 people and is building out its presence and infrastructure in markets including the UK and France, while adding new product lines. Mendes said the company intends to leverage its existing footprint to commercialize technologies and businesses it acquires. The momentum follows Tekever's selection by the UK defense ministry to supply surveillance drones valued at up to £400 million over a decade.
Investment is pouring into European drone players as the region boosts defense budgets tied to Russia's war in Ukraine and uncertainty around the US commitment to NATO. London-based Uforce is negotiating financing at roughly a $5 billion valuation; Germany's Helsing disclosed a $1.8 billion round in July, and Quantum Systems secured $1.2 billion during that same month.
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A fresh funding round, a UK government selection and an acquisition push all point to rising demand for surveillance capabilities. If you are tracking where defense and dual‑use technologies are scaling fastest, this is one of the clearer signposts.
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