Introducing TEKEVER, the Tech Industry’s Newest Unicorn

Meet the latest unicorn joining the Tech industry’s — and Europe’s — ranks.

A recent round of funding by major investors including Ventura Capital, Baillie Gifford and the NATO Innovation Fund means that TEKEVER — which works in AI-powered autonomous systems — is now valued above £1bn (US$1.3bn). 

What is TEKEVER?

TEKEVER is a pan-European technology company driving innovation in defence and security through AI-centric autonomous systems.

The company’s core strength lies in its AI-centric unmanned aerial systems (UAS), such as the AR3 and AR5 drones. 

These platforms have already logged more than 10,000 combat flight hours, notably supporting Ukrainian forces in some of the world’s most challenging electronic warfare environments. TEKEVER’s drones have played a pivotal role in disabling more than £3bn (US$4bn) of Russian military assets, including advanced S-400 air defence systems.

TEKEVER is able to rapidly adapt technology based on real-world feedback. The company has implemented more than 100 field updates to its drones — ranging from materials and propulsion to AI software — ensuring its systems remain effective on the modern battlefield.

The funding round coincides with the launch of TEKEVER’s ambitious five-year £400m (US$535.4m) development programme for the UK, OVERMATCH, aimed at transforming the UK’s defence industry and ensuring the UK and its allies remain at the forefront of vital autonomous, AI-driven technology.

Ricardo Mendes, CEO of TEKEVER, says: “The future of Europe relies on more than just increased defence 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 defence is about agility more than anything. That’s why we are launching our new strategy focused on establishing a defence innovation ecosystem that empowers companies of all sizes to innovate at pace and scale with the shared mission of securing the future of Europe. 

“This latest funding round will help us deliver that mission. The continued backing from our investors, including Baillie Gifford and the NATO Innovation Fund, reflects their confidence in our vision, technology and long-term success.”

OVERMATCH: Enabling Europe’s defence future

OVERMATCH aims to transform the UK’s defence industry across a variety of pillars.

Those areas are:

• Establishing Centres of Excellence for Autonomy, uniting academia, startups and defence partners
• Expanding pan-European testing and production infrastructure
• Scaling to deliver next-generation production hubs capable of responding with speed and flexibility to evolving operational demands. 
• Fostering an inclusive ecosystem, promoting collaboration between large and small players and encouraging greater cross-border cooperation among like-minded nations

TEKEVER’s approach signals a shift in how Europe develops and deploys defence technology. 

By integrating government, industry and academia, TEKEVER is promoting an innovation ecosystem that can respond quickly to emerging threats. 

John Ridge, Chief Adoption Officer at the NATO Innovation Fund, says: “Not only is TEKEVER integrating increasingly sophisticated AI and software into their platforms, it is now also forging innovative new partnerships between government and industry to help transform Europe’s industrial base. 

“We are committed to fully supporting TEKEVER’s project OVERMATCH, which will catalyse the development of AI and autonomy in the UK, create thousands of high-skilled jobs and help NATO unlock the potential of new technology to deal with an increasingly complex security environment in Europe.”

What this means for technology and defence

With its unicorn valuation, battlefield-proven technology and ambitious UK investment, TEKEVER is poised to shape the future of European defence. 

Its journey from a Lisbon-headquartered startup to a pan-European AI defence leader highlights the growing importance of adaptable, AI-driven systems in securing Europe’s future.

Chris Evdaimon, Investment Manager, Private Companies at Baillie Gifford says: “The global defence and security landscape is rapidly changing and TEKEVER is well-placed to capture the opportunities emerging in this sector. 

“With its vertically-integrated model and extensive operational experience in Ukraine, TEKEVER is driving the transformation of Europe’s defence capabilities and leading a new generation of agile, software-centric defence primes.”

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