TEKEVER Latest Unicorn in Europe's Defense Tech Sector
British-Portuguese TEKEVER, a defense technology company founded in 2001, announced a new funding round with a valuation exceeding £1 billion, cementing its status as Europe's latest unicorn. Existing investors included Ventura Capital, Baillie Gifford, the NATO Innovation Fund (NIF), Iberis Capital, and Crescent Cove.
This funding round coincides with the launch of TEKEVER’s ambitious five-year £400 million development program for the UK, known as OVERMATCH. The program aims to transform the UK's defense industry, ensuring that the UK and its allies remain at the forefront of vital autonomous, AI-driven technology. The investment in research, infrastructure, and defense technology will generate more than 1000 high-skilled jobs, laying the foundation for a sovereign capability in next-generation warfare. The project will expand production of TEKEVER’s portfolio of UAS (unmanned aerial systems), including the AR3 and AR5, within the UK, supporting the development of sovereign defense systems.
Building on three years of frontline innovation in partnership with the UK Ministry of Defense and Ukrainian forces, TEKEVER’s systems have accumulated over 10,000 combat flight hours and contributed to the destruction of over £3 billion worth of Russian military assets, including two advanced S-400 air defense systems. TEKEVER adapts technology based on real-world feedback and has made over 100 field updates to its drones, including changes in materials, propulsion, and AI software, to maintain the effectiveness of its systems on the battlefield. The company has emerged as Europe’s leading provider of AI-driven autonomous systems.
OVERMATCH represents the next step in scaling this battlefield-proven success into a sustainable, strategic capability for the UK, focusing on four core pillars:
BUILD: TEKEVER will establish Centres of Excellence for Autonomy in the UK—hubs designed to unite academia, industry, and government in pursuing defense innovation.
NETWORK: The initiative entails the expansion of a pan-European testing and evaluation infrastructure, incorporating new facilities based on current operations in the United Kingdom.
SCALE: TEKEVER will deliver next-generation production hubs capable of responding with speed and flexibility to evolving operational demands.
PARTNER: At the heart of TEKEVER’s strategy is the creation of a defense innovation ecosystem that will bring together European businesses, particularly SMEs, to integrate, test, and scale new defense technologies to support the armed forces in delivering complex missions.
A key lesson from the war in Ukraine is the necessity of staying constantly ahead. This requires a new type of government-industry relationship, focused on operational output, embracing new technologies swiftly, and iterating capabilities faster than adversaries. With OVERMATCH, TEKEVER commits its full support to driving forward this critical agenda.
Ricardo Mendes, CEO of TEKEVER, asserts that Europe's future relies on more than just increased defense spending: “We need to transform our industrial base and be smarter about investments. TEKEVER’s experience deploying autonomous systems in Ukraine has shown us that the future of defense is about agility above all else. That's why we are launching our new strategy focused on establishing a defense innovation ecosystem that empowers companies of all sizes to innovate rapidly and scale with the shared mission of securing Europe’s future.”
John Ridge, Chief Adoption Officer at the NATO Innovation Fund, expressed admiration for TEKEVER since his tenure as Director of Innovation in the UK Ministry of Defense: “Their mission focus and adaptability made them one of the most successful drone providers in 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.” Chris Eudaimon, Investment Manager of Private Companies at Baillie Gifford, commented: “The global defense and security landscape is rapidly changing and TEKEVER is well-placed to capture the emerging opportunities in this sector.”
TEKEVER's approach marks a change in European defense technology development. By integrating government, industry, and academia, TEKEVER is fostering an innovation ecosystem capable of quickly addressing emerging threats.