The Pulse
Tekever Raises $580M at a $6.4B Valuation
Tekever has closed the first part of a $580 million Series D round at a $6.4 billion valuation. UC Investments and Baillie Gifford led the financing as the autonomous-systems company prepares to expand production, pursue acquisitions and de
AI.info Team ·
“This investment represents far more than a capital raise. It brings together an exceptional group of investors around a shared ambition for what TEKEVER is becoming.”
Ricardo Mendes, founder and chief executive officer, TEKEVER
UC Investments Makes Its First Direct European Bet
TEKEVER announced on September 23, 2026, that it had completed the first close of a $580 million Series D financing, valuing the company at $6.4 billion. UC Investments, the University of California’s investment arm, and Baillie Gifford led the round.
The transaction marks UC Investments’ first direct investment in Europe. Baillie Gifford is returning as an investor, while Merlyn Advisors joins as a new strategic backer. Existing shareholders Crescent Cove, Ventura Capital and Iberis Capital also participated.
TEKEVER said the first close represents most of the targeted financing, but additional closings are expected over the coming months as the company brings in more strategic investors. The final amount could therefore exceed the capital secured in the initial transaction.
TEKEVER Plans Expansion, Capacity and Acquisitions
The company will use the financing to expand its international presence, increase industrial and technology capacity, accelerate acquisitions and develop its AI-powered autonomous-systems business. TEKEVER did not identify acquisition targets or disclose how the proceeds will be divided among those priorities.
Its model combines aircraft, software and managed intelligence, surveillance and reconnaissance services. The company says that vertical integration lets it develop and deploy autonomous capabilities across hardware and software rather than relying entirely on outside suppliers.
Ricardo Mendes said the new investors bring more than capital to the company. “Having such a long term investor like UC Investments choose TEKEVER for its first direct investment in Europe is a powerful endorsement of our technology, our team and our long-term vision,” he said in the company’s announcement.
A £400 Million British Army Program Sets the Context
The financing follows TEKEVER’s selection by the UK Ministry of Defence to deliver CORVUS, a new surveillance capability for the British Army. The program is worth up to £400 million over 10 years and is built on the company’s AR5 unmanned aircraft system.
TEKEVER describes CORVUS as a combination of operational experience, AI-enabled autonomy, domestic industrial capability and continuing technology development. The contract gives the company a major reference program in Britain as it seeks to expand its manufacturing and support operations.
The announcement comes after an earlier TEKEVER funding round and a five-year, £400 million British development program called OVERMATCH. That initiative was presented as a plan to expand production of the company’s AR3 and AR5 systems in the UK and build a wider defense-technology network.
Investors Point to Operational Experience
Baillie Gifford’s Chris Evdaimon said the firm’s support reflects TEKEVER’s growth and its ability to turn software and engineering work into deployed systems. “Its vertically integrated, software-centric model gives it an unusual ability to translate technology into operational capability quickly,” he said.
Merlyn Advisors’ investment brings a defense specialist into the shareholder group. Sir Ben Wallace, a former UK Secretary of State for Defence, said the company combines AI, autonomy, operational experience and industrial ambition in a way that addresses immediate defense requirements.
UC Investments chief investment officer Jagdeep Singh Bachher said the fund looks for companies with technical depth and the ability to execute at scale. He cited TEKEVER’s more than two decades of technology development and its record of operational use.
The Series D Is Not Yet Finished
TEKEVER’s new valuation places the company among Europe’s highest-valued private defense-technology firms, while the financing gives it a larger pool of capital for international growth. The company has not disclosed a timetable for the remaining closings or whether the additional investors will be financial or strategic partners.
The immediate test is execution: converting the new funding into production capacity, acquisitions and delivery of CORVUS without diluting the operational focus that attracted the investors. For now, TEKEVER has secured the majority of a $580 million round and a $6.4 billion valuation, with more capital commitments still to come.
Read TEKEVER’s full announcement.