European AI-powered autonomous systems provider TEKEVER has announced the first close of a $580 million Series D financing round, reaching a company valuation of $6.4 billion.
The financing round was led by UC Investments (University of California) and Baillie Gifford, marking the first direct European investment for UC Investments. Merlyn Advisors joined as a new strategic investor, alongside continued participation from existing shareholders Crescent Cove, Ventura Capital, and Iberis Capital.
The funding round follows the UK Ministry of Defence selecting TEKEVER to deliver CORVUS, the British Army’s new surveillance capability. The contract is worth up to £400 million over the next decade. Built upon the company’s battle-proven AR5 platform, the CORVUS system combines operational experience, AI-enabled autonomy, sovereign industrial capability, and continuous technological iteration.
Ricardo Mendes, Founder and Chief Executive Officer of TEKEVER, said, “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. 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.
“We’re very happy with the continued support from Baillie Gifford, that continues to be a fantastic partner that is really helping us grow as a company. The arrival of Merlyn Advisors adds significant strategic expertise, while the continued backing of Crescent Cove, Ventura Capital and Iberis Capital demonstrates the conviction of investors who have already been part of our journey. Together, we share the belief that scientific excellence, artificial intelligence, autonomy and sovereign technological capability will be fundamental to the security and resilience of democratic societies in the decades ahead. This investment gives us the resources to move faster, scale further and continue building a global technology leader from Europe.”
Capital from the Series D round will support TEKEVER’s next phase of international growth, expanding industrial and technological capabilities, accelerating strategic acquisitions, and furthering its position in AI-powered autonomous systems. TEKEVER expects to complete additional closings of the Series D round in the coming months to onboard further strategic investors.
