New funding spherical absolutely subscribed by present traders to speed up TEKEVER’s enlargement
Firm launches daring five-year program to reinforce European safety by constructing Defence innovation ecosystem
TEKEVER, Europe’s main supplier of AI-driven Autonomous Programs, right now introduced the elevate of a brand new funding spherical. Absolutely dedicated by present traders, together with spherical chief Ventura Capital, Baillie Gifford, the NATO Innovation Fund (NIF), Iberis Capital and Crescent Cove, the spherical confirms TEKEVER’s valuation above £1 Billion. This milestone cements TEKEVER as a European DefTech chief and fuels its continued enlargement throughout Europe, as the corporate pursues international management in AI-driven autonomous defence and safety.
The funding spherical coincides with the launch of TEKEVER’s bold five-year £400 million improvement program for the UK, often called OVERMATCH, geared toward reworking the UK’s defence {industry} and guaranteeing the UK and its allies stay on the forefront of important autonomous, AI-driven expertise.
The funding in analysis, infrastructure, and defence expertise will generate greater than 1000 high-skilled jobs and lay the muse for a sovereign functionality in next-generation warfare. The mission will broaden manufacturing of TEKEVER’s household of UAS (unmanned aerial techniques, popularly often called drones), together with the AR3 and AR5, within the UK, supporting the event of sovereign defence techniques.
Constructing on three years of frontline innovation in partnership with the UK Ministry of Defence and Ukrainian forces, TEKEVER’s techniques have collected over 10,000 fight flight hours and contributed to the destruction of over £3bn price of Russian army property — together with two of Russia’s superior S-400 air defence techniques. OVERMATCH is the following step: scaling this battlefield- confirmed success right into a sustainable, strategic functionality for the UK.
OVERMATCH is structured round 4 core pillars. The primary is BUILD, by which TEKEVER will set up Centres of Excellence for Autonomy within the UK — hubs designed to unite academia, {industry}, and authorities within the pursuit of defence innovation. The second, NETWORK, entails the enlargement of a pan-European testing and analysis infrastructure, together with new services constructed upon present operations within the UK. The third pillar, SCALE, will ship next-generation manufacturing hubs able to responding with velocity and suppleness to evolving operational calls for. Lastly, the PARTNER pillar displays TEKEVER’s dedication to fostering an inclusive ecosystem, selling collaboration between giant and small gamers, and inspiring better cross-border cooperation amongst like- minded nations.
On the coronary heart of TEKEVER’s technique is the creation of a defence innovation ecosystem that may convey collectively European companies, significantly small to medium-sized enterprises, to combine, take a look at and scale new defence applied sciences to assist the armed forces within the supply of complicated missions. A key lesson from the conflict in Ukraine is that success requires being continually one step forward. A brand new kind of government-industry relationship, that places operational output entrance and middle, embraces new applied sciences quicker than ever earlier than, and iterates these capabilities quicker than our adversaries is important. With OVERMATCH, TEKEVER is stepping up and committing its full assist in driving ahead this important agenda.
Ricardo Mendes, CEO of TEKEVER, commented: “The way forward for Europe depends on extra than simply elevated defence spending; we have to rework our industrial base and be smarter about investments. TEKEVER’s expertise deploying autonomous techniques in Ukraine has proven us that the way forward for defence is about agility greater than something. That’s why we’re launching our new technique targeted on establishing a defence innovation ecosystem that empowers firms of all sizes to innovate at tempo and scale with the shared mission of securing the way forward for Europe. This newest funding spherical will assist us ship that mission. The continued backing from our traders, together with Baillie Gifford and the NATO Innovation Fund, displays their confidence in our imaginative and prescient, expertise and long- time period success.”
John Ridge, Chief Adoption Officer on the NATO Innovation Fund, commented: “I’ve been a fan of Tekever since my time because the Director of Innovation within the UK Ministry of Defence. Their mission focus and adaptableness made them one of the crucial profitable drone suppliers into Ukraine by Job Pressure Kindred. Their providing of uncrewed surveillance options has been instrumental in serving to Ukraine counter Russian aggression by repeatedly innovating on the tempo of battle. It’s due to this fact extraordinarily thrilling to be supporting them in my present function because the Chief Adoption Officer on the NATO Innovation Fund. Not solely are they integrating more and more subtle AI and software program into their platforms, they’re now additionally forging revolutionary new partnerships between authorities and {industry} to assist rework Europe’s industrial base. We’re dedicated to completely supporting Tekever’s Undertaking Overmatch, which can catalyse the event of AI and autonomy within the UK, create 1000’s of high-skilled jobs, and assist NATO unlock the potential of recent expertise to take care of an more and more complicated safety setting in Europe.”
Mo El Husseiny, Managing Accomplice at Ventura Capital commented: “As a long-term investor in TEKEVER, we’re happy with the corporate’s vital development and to have led this funding spherical. TEKEVER is a flagship funding in Ventura’s portfolio of disruptive expertise firms with market-leading expertise, 1000’s of hours of operational expertise and a uniquely worthwhile, sustainable enterprise mannequin.”
Chris Evdaimon, Funding Supervisor, Personal Firms at Baillie Gifford commented: “The worldwide defence and safety panorama is quickly altering and TEKEVER is well-placed to seize the alternatives rising on this sector. With its vertically-integrated mannequin and in depth operational expertise in Ukraine, TEKEVER is driving the transformation of Europe’s defence capabilities and main a brand new technology of agile, software-centric defence primes.”
Jun Hong Heng, Founder and Chief Funding Officer of Crescent Cove Advisors LP. commented: “We’re excited to be a part of TEKEVER’s subsequent section of development because it scales to turn out to be a frontrunner in Autonomy for defence and safety. TEKEVER’s AI-first strategy and vertical integration place it properly to seize the alternatives rising within the defence and safety sectors.”
Diogo Chalbert Santos, Accomplice at Iberis Capital, commented: “TEKEVER stands out within the quickly evolving defence and safety sector with its unmatched innovation in autonomous techniques. Because the geopolitical panorama turns into more and more complicated, their capability to ship scalable, superior options positions the corporate as a frontrunner within the defence and safety ecosystem.”
A spokesperson for the Nationwide Safety Strategic Funding Fund (NSSIF), mentioned: ”As an present investor, we’re delighted to see additional funding into TEKEVER that may strengthen our nationwide safety and defence, and profit the UK economic system”
ABOUT TEKEVER
TEKEVER (www.tekever.com) is a number one pan-European expertise firm driving innovation in Defence & Safety by AI-centric Autonomous Programs. With a completely vertically built-in mannequin — spanning Aerospace structural engineering, design and manufacturing, propulsion techniques, complicated optical and RF payload improvement, communication techniques, avionics, software program, knowledge science, and synthetic intelligence — TEKEVER delivers full, end-to-end techniques and companies tailor-made to the complicated calls for of contemporary safety operations. With a extremely expert and quickly rising workforce of virtually 1000, and cutting-edge services unfold all through the UK, Portugal, France and Ukraine, TEKEVER is the main European supplier of AI-centric Autonomy, supporting Defence and Safety forces with capabilities that evolve at tempo and are delivered at scale.
ABOUT OUR INVESTORS
Ventura Capital
Based in 2012, Ventura Capital supplies traders with publicity to disruptive client and enterprise expertise firms which are rising exponentially and approaching IPO. By its international community and confirmed expertise sector experience, the agency is ready to supply and put money into unique and compelling personal firms on a transparent trajectory to IPO.
Baillie Gifford
Baillie Gifford is an impartial funding partnership based over a century in the past in Edinburgh, Scotland. It’s owned and run by 58 companions who all work on the agency. The agency’s mission is to search out game-changing firms (each private and non-private) that may maintain development and supply returns for purchasers over 5 to 10 years and longer. With 1,708 workers and property beneath administration of €263bn, it has 10 workplaces worldwide.
NATO Innovation Fund
The NATO Innovation Fund is a enterprise capital fund, backed by 24 NATO Allies, that deploys greater than €1 billion in deep tech to deal with challenges in defence, safety, and resilience. The fund invests independently, with 24 nations supporting its portfolio’s success and serving to present deep tech entrepreneurs with entry to each industrial and authorities markets.
Taking part NATO Allies are: Belgium; Bulgaria; Czechia; Denmark; Estonia; Finland; Germany; Greece; Hungary; Iceland; Italy; Latvia; Lithuania; Luxembourg; Netherlands; Norway; Poland; Portugal; Romania; Slovakia; Spain; Sweden; Türkiye; United Kingdom.
Crescent Cove Advisors LP
Crescent Cove Advisors, LP is a non-public market funding agency targeted on expertise investments and devoted to supporting entrepreneurs and founders. Established in 2016, Crescent Cove leverages its international community of relationships and distinctive perception throughout markets, rising industries and applied sciences to construct companies and speed up worth creation throughout its portfolios. For extra data, go to www.crescentcove.com.
The Nationwide Safety Strategic Funding Fund (NSSIF)
The Nationwide Safety Strategic Funding Fund is the UK Authorities’s company venturing arm for pioneering dual-use applied sciences. NSSIF invests commercially, alongside different traders, in revolutionary start-ups, whose superior applied sciences have step change potential each within the personal sector and within the nationwide safety and defence.
Iberis Capital
Iberis Capital is a number one personal fairness and enterprise capital supervisor in Portugal. Iberis invests throughout completely different phases, from seed capital to development and buy-out in firms and groups with international focus and disruptive mindset.
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