UNITED KINGDOM —Autonomous system provider TEKEVER has achieved a US$6.4 billion valuation following the initial close of its US$580 million Series D investment round. University of California's investment arm, UC Investments, led the financing alongside Baillie Gifford, marking UC Investments' initial direct equity placement within the European market. Strategic backer Merlyn Advisors joined existing venture participants including Crescent Cove, Ventura Capital, and Iberis Capital. The transaction precedes anticipated subsequent closings planned to incorporate further institutional investors over coming quarters.
Founded in Portugal and headquartered in the UK, TEKEVER develops unmanned aerial systems and satellite technologies integrated with artificial intelligence for surveillance, environmental monitoring and security operations across sovereign domains.
The valuation milestone reflects escalating demand for sovereign defence capabilities and autonomous intelligence platforms across European nations. Armed forces and national security agencies are increasingly prioritizing software-driven defense hardware capable of rapid deployment and continuous updates. The capital surge follows TEKEVER's selection by the UK Ministry of Defence for the CORVUS program, a contract valued up to £400 million over ten years to deploy uncrewed aerial surveillance platforms derived from the company's AR5 architecture.
The investment underscores growing institutional appetite for dual-use technologies that serve both civil security and military applications. Financial deployment will support global market expansion, particularly across North America and broader European territories, while funding research, strategic corporate acquisitions, and industrial scaling.
For global defense contractors and institutional investors, the development highlights a shifting venture landscape where sovereign capability requirements drive significant capital flows into European technology ecosystems, challenging traditional prime contractor dominance in uncrewed system procurement.
