ISR Drone Maker TEKEVER Raises $580M Series D - Wowtale
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Big money keeps flowing into European defense tech. Germany's Helsing raised $1.8 billion in July at an $18 billion valuation, and German rival STARK raised €500 million the same month at a €3.5 billion valuation. Now TEKEVER has joined the pack. Founded in Lisbon in 2001, TEKEVER started as a software company before pivoting toward drones around 2009. Today it builds the AR3, AR5, and AR6 families of unmanned systems focused on intelligence, surveillance, and reconnaissance (ISR), and is widely regarded as Europe's leading autonomous systems company. Its aircraft have logged more than 50,000 operational flight hours in Ukraine since Russia's 2022 invasion - a track record that helped it get selected in July to deliver CORVUS, the British Army's new surveillance program. The 10-year contract, worth up to £400 million, will see AR5-based aircraft built in Swindon to replace the Army's Watchkeeper fleet. TEKEVER has been busy around this round. On September 1 it acquired Flowcopter, an Edinburgh hydraulic-propulsion company, to power its AR6 heavy-lift drone, which is designed to carry over 200kg for up to 500km. On September 22 it signed a long-term strategic partnership MOU with Estonian drone maker Threod Systems. Internationally, it opened its first US office in Fayetteville, North Carolina in May, and in June set up a manufacturing base in Japan to target exports...
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