Europe’s latest AI defence unicorn: Tekever soars with £1B+ valuation and bold £400M UK expansion

AI defence unicorn Tekever has announced a new funding round, confirming its status as Europe’s latest billion-pound defence tech company. Fully subscribed by existing investors, the raise coincides with a £400M UK expansion effort known as OVERMATCH-a five-year programme aimed at building a next-generation AI-driven defence innovation ecosystem.
This funding round was led by London-basedVentura Capital, with continued participation fromBaillie Gifford, theNATO Innovation Fund(NIF), Iberis Capital andCrescent Cove. With this round, Tekever’s valuation surpasses the £1B mark, marking it as one of Europe’s few defence unicorns.
Nations face new threats and autonomous warfare, making rapid, adaptable technologies crucial. Tekever’s drones have been vital in Ukraine, destroying over £3B in Russian assets, including two S-400 air defence systems.
The company’s AR3 unmanned aerial system (UAS) has logged over 10,000 operational flight hours in Ukraine since 2022, operating in one of the world’s most challenging electronic warfare environments. Notably, in April 2025 near Saky, Ukrainian forces used Tekever drones to severely damage the 96l6e radar of an S-400 Triumf anti-aircraft missile system, effectively neutralising a key component of Russia’s air defence network.
What sets Tekever apart is its adaptability in hostile conditions. The company has implemented more than 100 field updates across materials, structures, propulsion, communications, sensors, software, and AI, all based on direct feedback from frontline operations. Now, Tekever plans to scale these capabilities into sovereign defence systems that evolve quickly and deploy widely.
Tekever’s strategy focuses on creating a smarter relationship between government and industry. The company will use funding to establish Centres of Excellence for Autonomy in the UK, uniting academia, startups, and defence partners. These hubs will integrate, test, and scale new technologies to keep the UK and its allies ahead.
The OVERMATCH programme has four pillars: BUILD, anchoring innovation in UK centres; NETWORK, expanding Europe-wide testing infrastructure; SCALE, creating rapid production capacity; and PARTNER, fostering inclusive collaboration across borders and company sizes.
“The future of Europe relies on more than just increased defence spending; we need to transform our industrial base and be smarter about investments,” said Ricardo Mendes, CEO of Tekever. “Tekever’s experience deploying autonomous systems in Ukraine has shown us that the future of defence is about agility more than anything.”
The initiative is set to generate more than 1,000 high-skilled UK jobs, boost sovereign production of Tekever’s flagship AR3 and AR5 drones, and anchor a European alternative to traditional defence primes.
This approach aligns with the UK Ministry of Defence’s “3-2-1” strategy, which aims to dramatically accelerate procurement timelines, delivering and testing products in Ukraine within three months. This timeline attracts venture capital and private equity investment while providing immediate operational benefits.
Each investor emphasised Tekever’s operational excellence and technology leadership. Mo El Husseiny, Managing Partner at Ventura Capital, said: “Tekever is a flagship investment in Ventura’s portfolio of disruptive technology companies with market-leading technology, thousands of hours of operational experience and a uniquely profitable, sustainable business model.”
Chris Evdaimon from Baillie Gifford highlighted Tekever’s agile model: “With its vertically-integrated model and extensive operational experience in Ukraine, Tekever is driving the transformation of Europe’s defence capabilities.”
John Ridge, Chief Adoption Officer at the NATO Innovation Fund, who previously worked at the UK MoD and led innovation efforts, underscored Tekever’s role in Task Force Kindred. “Their offering of uncrewed surveillance solutions has been instrumental in helping Ukraine counter Russian aggression… They are also forging innovative partnerships between government and industry to help transform Europe’s industrial base.”
The funders bring a track record of backing game-changing tech. Baillie Gifford has supported space, biotech and clean energy leaders, while Crescent Cove’s focus has included frontier software and deeptech. NIF, the NATO-backed venture initiative, is building a portfolio to enhance alliance-wide capabilities in emerging tech sectors.
Tekever started in Portugal in 2001, founded by engineersRicardo MendesandPedro Sinogaswith aerospace and software expertise. Mendes, now CEO, aimed to integrate AI and autonomy into defence operations before drone warfare became mainstream. They met early in their careers in embedded systems and shared a goal to innovate national security.
Tekever’s founding team blends diverse backgrounds in avionics, propulsion systems, AI, and data science, showcasing a cross-European identity. Their journey evolved from a Lisbon startup to a pan-European defence prime, now operating in Portugal, France, Ukraine, and the UK.
As Europe adapts to an increasingly complex security environment, Tekever is carving out a distinctive position. While the defence tech space includes major players like Israel’s Elbit Systems or US-based Anduril, Tekever’s full-stack integration and operational record in Ukraine sets it apart. Its ability to design, manufacture, and deploy AI-enabled systems from end to end gives it a unique speed advantage.
“Tekever’s AI-first approach and vertical integration position it well to capture the opportunities emerging in the defence and security sectors,” said Jun Hong Heng, Founder and Chief Investment Officer of Crescent Cove.
With OVERMATCH, the company is now looking beyond drone deployment. It aims to unify innovators, deploy solutions quickly, and change the way defence technologies are developed and delivered.
Tekever’s forward momentum is underpinned by long-term goals. In addition to ramping up UK manufacturing, the company is expected to accelerate hiring across engineering, software, and operations roles. It will also scale testing facilities and explore new AI-based solutions tailored to the evolving needs of frontline forces.
Diogo Chalbert Santos, Partner at Iberis Capital, added: “As the geopolitical landscape becomes increasingly complex, their ability to deliver scalable, advanced solutions positions the company as a leader in the defence and security ecosystem.”
A spokesperson for the National Security Strategic Investment Fund (NSSIF), commented: ”As an existing investor, we are delighted to see further investment into TEKEVER that will strengthen our national security and defence, and benefit the UK economy”
From Ukraine’s frontlines to Europe’s labs, Tekever shows defence’s future is about innovation networks, not just hardware. With unicorn status and OVERMATCH, Tekever may shape Europe’s security for years to come.