Merlyn Advisors joined Tekever as a new strategic investor, while existing shareholders Crescent Cove, Ventura Capital and Iberis Capital also participated. Tekever said the financing would support its next phase of growth, including a deeper international presence, expanded industrial and technological capabilities and accelerated strategic acquisitions.
The first close represents the majority of the planned fundraising, with further Series D closings expected over the coming months to bring additional strategic investors into the company. The financing follows Tekever’s selection by the UK Ministry of Defence to deliver CORVUS, the British Army’s new surveillance capability, under a programme worth up to £400 million over the next 10 years.
CORVUS is based on Tekever’s AR5 system and combines operational experience, AI-enabled autonomy, sovereign industrial capability and continuous technology evolution. Tekever said the programme strengthens its position as a long-term strategic capability partner for Europe, able to develop, industrialise and continuously evolve sovereign defence technologies at scale.
“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,” said Ricardo Mendes, Founder and Chief Executive Officer of Tekever.
“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,” Mendes said. Tekever said the funding would also build on its position as a European technology company focused on AI-powered autonomous systems.
“At UC Investments, we take a long-term view and look for companies with both technical depth and the ability to execute at scale. Tekever has built an exceptional technology platform over more than two decades with a proven record of operational success,” said Jagdeep Singh Bachher, the University of California’s chief investment officer.
“Our conviction rests on Ricardo and his team, and on the growing weight of European technology in global markets. We are delighted to support Tekever in its next phase of international growth.”
“Our conviction in Tekever has continued to grow as the company has scaled. Its vertically integrated, software-centric model gives it an unusual ability to translate technology into operational capability quickly, while its experience in demanding real-world environments provides a depth of learning that is extremely difficult to replicate,” said Chris Evdaimon, Investment Manager, Private Companies at Baillie Gifford.
“We believe Tekever has become one of the defining technology companies in European dual use and autonomy, and we are pleased to continue supporting the company for the long term.” Baillie Gifford is continuing its investment in the company as part of the Series D round.
“Europe’s security will increasingly depend on its ability to build technology companies that can innovate at speed, scale industrially and deliver capabilities that respond to real operational needs. Tekever has a proven track record that shows it can do all three,” said Sir Ben Wallace, Portfolio Manager at Merlyn Advisors and former UK Secretary of State for Defence.
“Its combination of AI, Autonomy, operational experience and industrial ambition sets it apart from many in the sector. The company not only has capabilities and products that are already well established but under Ricardo Mendes it has the leadership to give any investor confidence.”
“We are very pleased to back Tekever as it enters its next phase of international growth,” Wallace said. Merlyn Advisors joined the company as a new strategic investor in the Series D financing.
“Tekever has built a highly differentiated position at the intersection of artificial intelligence, autonomy and defense, combining advanced technology with extensive operational experience and a vertically integrated model. As the global demand for autonomous capabilities accelerates, we believe Tekever is exceptionally well positioned to emerge as a global leader in the sector,” said Jun Hong Heng, Founder and Chief Investment Officer of Crescent Cove Advisors LP.
“We are proud to continue our partnership with the company as it expands its presence across Europe, the United States and other strategic markets.” Crescent Cove is one of the existing shareholders continuing to invest in Tekever through the round.
“Having supported Tekever since an earlier stage of its growth, we have seen first-hand the company’s ability to continuously raise its level of ambition and execution. What began as an exceptional European technology business has developed into a company with the scale, capabilities and international relevance to compete globally,” said Diogo Chalbert Santos, Partner at Iberis Capital.
“Tekever’s leadership in autonomous systems, combined with its ability to industrialise innovation at speed, creates an extraordinary opportunity.” Iberis Capital is also continuing its backing of the company through the Series D.
“We have backed Tekever over several stages of its development and have seen the company consistently convert technological ambition into execution, growth and real-world impact. Tekever is now entering a fundamentally different stage of scale,” said Mo El Husseiny, Managing Partner at Ventura Capital.
“Its technology, industrial footprint and international reach have expanded dramatically, but the qualities that first attracted us remain the same: technical excellence, speed of execution and a relentless focus on building products that solve critical problems. We are proud to continue supporting the team in this next chapter.”
