Tekever, a Portuguese developer of AI-powered autonomous systems, has announced a new funding round, bringing its valuation to over £1 billion (~$1.25 billion). The announcement was published on the company’s official website.

• The investment came from Tekever’s existing backers, with Ventura Capital leading the round. Other participants included Baillie Gifford, the NATO Innovation Fund (NIF), Iberis Capital, and Crescent Cove.
• The funding coincides with the launch of Tekever’s ambitious five-year program, Overmatch, valued at £400 million ($500 million). The initiative aims to significantly scale up the production of Tekever’s unmanned aerial systems — particularly the AR3 and AR5 models — in the UK.
• Tekever also has an active office in Ukraine, where its systems are being tested and deployed in real combat scenarios during the Russian-Ukrainian war. According to the company, Tekever’s drones have accumulated over 10,000 combat flight hours and contributed to the destruction of more than £3 billion (around $3.9 billion) in Russian military assets, including two advanced S-400 air defense systems.

«TEKEVER’s experience deploying autonomous systems in Ukraine has shown us that the future of defense is about agility more than anything. That’s why we are launching our new strategy focused on establishing a defense innovation ecosystem that empowers companies of all sizes to innovate at pace and scale with the shared mission of securing the future of Europe,» commented Ricardo Mendes, CEO of TEKEVER.

Earlier, Scroll.media reported that Quantum Systems — a German defense tech company specializing in AI-based aerial reconnaissance — raised €160 million. Like Tekever, Quantum Systems also has an office in Ukraine, and its drones are currently used by the Armed Forces of Ukraine.