TEKEVER, a prominent European force in artificial intelligence-centric unmanned aerial systems (UAS), has successfully raised €70 million in a Series B funding round. This considerable investment was spearheaded by Baillie Gifford, an investment manager with a track record of backing transformative firms like Airbnb and SpaceX, and the NATO Innovation Fund (NIF), a venture capital entity supported by 24 NATO allies aiming to channel €1 billion into deep tech advancements for defense and security.
The funding round also saw participation from several other strategic players such as the UK's National Security Strategic Investment Fund (NSSIF), Crescent Cove Advisors LP, along with current investors Iberis Semper and Cedrus Capital. TEKEVER benefited from advisory services by The Growth Stage and Houlihan Lokey during this funding process.
This new wave of strategic investors infuses TEKEVER with vast expertise crucial for its next growth phase that involves geographic expansion into priority markets and enhancing sustainable growth strategies. The investors harbor significant experience in scaling pioneering companies sustainably, which is deemed vital for TEKEVER's mission in preparing for its ambitious international growth strategy.
Already in a profitable status, TEKEVER plans to use this investment to accelerate research and development endeavors to drive forward product innovation. The emphasis is to not only enhance its existing fleet of UAS but also develop new lines to ensure its technology remains cutting-edge in the rapidly evolving tech landscape. The plan also includes scaling global production and delivery capacities, a response to the increasing global demand for TEKEVER's solutions.
Ricardo Mendes, the CEO of TEKEVER, articulated their strategic vision amidst this funding milestone. "We’re living in a highly volatile world, experiencing exponential change and the transformative power of software, AI and robotics," Mendes stated. He highlighted the critical nature of teaming with partners who align with TEKEVER’s vision of harnessing such transformative powers effectively on a global scale.
TEKEVER is renowned for providing drone-based Intelligence-as-a-Service, allowing unrivaled surveillance over expansive areas and facilitating real-time data sharing to assist in preventing threats against human life, the environment, and the economy. The dual-use nature of their technology finds application across civilian, military, and private sectors, with practical uses from oil spill detection and wildfire monitoring to intelligence gathering and search and rescue operations.
From an operational perspective, TEKEVER distinguishes itself through its vertically integrated approach. The company maintains complete control over every facet of its systems, from design to manufacturing, allowing it to swiftly respond to customer needs and global economic changes. The firm serves a diverse clientele, including the European Maritime Safety Agency and the UK Home Office, in addition to various defense and security forces across Europe, North America, and Southeast Asia.
Baillie Gifford’s Chris Evdaimon lauded TEKEVER's profitable and rapid growth, noting its unique approach in drone development with a software-centric, vertically integrated model as a compelling investment proposition. Meanwhile, Patrick Schneider-Sikorsky from the NATO Investment Fund emphasized the critical role of unmanned aerial technologies in modern defense and security, expressing enthusiasm over collaborating with TEKEVER to enhance its utility across NATO’s alliances.
Through this substantial investment, TEKEVER is poised to bolster its cutting-edge innovations and expand its global operational footprint, ensuring its technological offerings stay ahead of the curve in a rapidly evolving operational landscape.
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