TEKEVER, a Portuguese company focusing on defense technologies and drones, has completed a new funding round.
This has increased the company’s value to over one billion dollars, making it the latest “Unicorn” in Europe’s defense technology sector.
The investment round was led by Venture Capital, a company based in the UAE. Other investors included Baillie Gifford, the NATO Innovation Fund (NIF), Iberis Capital, and Crescent Cove.
In the past three years, TEKEVER’s systems have helped support Ukraine. Their drones have flown for over 10,000 combat hours.
These drones also played a part in destroying Russian military assets worth more than £3 billion, including the S-400 air defense system.
Ricardo Mendes, the CEO of TEKEVER, said, “The future needs more than just higher defense spending. We need a flexible and smart industrial ecosystem.”
He added, “What we’ve learned from Ukraine is that adaptability and quick innovation are the two most important things.”
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