TEKEVER, a Portuguese-founded company that is Europe's leading provider of AI-powered autonomous systems, announced on 23 September 2026 the first close of a US$580 million Series D financing round. The transaction values the defence and aerospace company at US$6.4 billion and was led by UC Investments and Baillie Gifford. The investment will support the company's next phase of expansion in autonomous aerial systems and intelligence software.
Funding Structure and Investor Base
The round marks the first direct investment in Europe by UC Investments and includes renewed support from Baillie Gifford. Merlyn Advisors has joined as a new strategic investor, while Crescent Cove, Ventura Capital and Iberis Capital continued their backing. The first close covers the majority of the fundraise, with additional closings expected in the coming months to bring in further strategic investors.
Strategic Context and CORVUS Programme
The financing announcement follows TEKEVER's selection by the UK Ministry of Defence to deliver CORVUS, the British Army's new surveillance capability. That programme is worth up to £400 million over the next ten years and is built on the company's battle-proven AR5 system. CORVUS combines operational experience, AI-enabled autonomy, sovereign industrial capability and continuous technology evolution.
Company Capabilities and Growth Priorities
TEKEVER is not solely a drone manufacturer; it integrates aircraft, sensors, communications, AI and data processing with ground-control software. This approach enables military and civilian users to collect and analyse intelligence in real time for missions such as battlefield awareness, maritime patrol, border surveillance and search and rescue. The new capital will help deepen its international presence, expand industrial and technological capabilities and accelerate strategic acquisitions.
Leadership Perspective
Ricardo Mendes, Founder and Chief Executive Officer of TEKEVER, said the investment represents far more than a capital raise. He described the backing as a powerful endorsement of the company's technology, team and long-term vision. Mendes added that the resources will allow TEKEVER to move faster, scale further and continue building a global technology leader from Europe.
Investor Confidence
Jagdeep Singh Bachher, Chief Investment Officer of the University of California, said UC Investments takes a long-term view and seeks companies with technical depth and execution ability. He noted that TEKEVER has built an exceptional platform over more than two decades with a proven record of operational success. Chris Evdaimon, Investment Manager, Private Companies at Baillie Gifford, said the firm's conviction has grown because its software-centric model translates technology into operational capability quickly.
Strategic Investor Views
Sir Ben Wallace, Portfolio Manager at Merlyn Advisors and former UK Secretary of State for Defence, said Europe's security will increasingly depend on technology companies that can innovate at speed and scale industrially. Crescent Cove's Jun Hong Heng highlighted TEKEVER's differentiated position at the intersection of artificial intelligence, autonomy and defence. Existing shareholders also expressed confidence, with Iberis Capital's Diogo Chalbert Santos and Ventura Capital's Mo El Husseiny saying the company can compete globally and convert technical ambition into real-world impact.
With the first close of its Series D funding, TEKEVER is positioned to accelerate its development as a leading European dual-use technology company. The combination of major institutional backing, recent defence programme success and a vertically integrated autonomous systems platform gives the company significant momentum. As additional closings are completed, TEKEVER aims to expand its global footprint and reinforce Europe's sovereign technological capabilities in security and resilience.