Portuguese startup Tekever has raised €70 million ($74 million) in a fresh investment to develop a dual-purpose drone platform, which is used in Ukraine. Tech Crunch writes about it.

  • The Series B funding round was led by the Scottish investment company Baillie Gifford & Co. and the NATO Innovation Fund, established in 2023. The fund is affiliated with NATO and supports startups in the defense and security sectors.

  • The round also involved the UK's National Security Strategic Investment Fund and Crescent Cove Advisors, as well as existing investors Iberis Semper and Cedrus Capital.

  • Tekever will reportedly use the funding to develop its product and enter new markets, particularly in the United States.

What drones does Tekever create?

Tekever is based in Portugal but is also active in the UK and France. The startup's drones are used for civilian surveillance to track smugglers in the English Channel.

The company's largest drone, ARX, can control several smaller drones to monitor land, seascapes, or battlefields. Tekever drones are also used in Ukraine, and are involved in the operations of the European Maritime Safety Agency (EMSA) and the UK Home Office.

CEO Ricardo Mendez told Bloomberg that Europe needs to put more effort into defense: “We have a war in Ukraine on our borders, and [Europe] is lagging behind in terms of technological development.”

AIN reminds that in October, Latvian defense startup Origin Robotics raised €4 million in pre-seed funding. Origin is a defense technology company specializing in advanced autonomous systems, founded in 2022 after Russia's invasion of Ukraine. The startup’s drones are also used in Ukraine.