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A European drone specialist, Tekever, is paving the way in cutting-edge defense technology. The company plans to raise €50 million in funding this year, capitalizing on investor interest. Tekever, based in Portugal with operations in the UK, has gained prominence due to its drones being used in the war in Ukraine. Recently, the company secured funding through the UK-led International Fund for Ukraine to deploy its AR3 surveillance drones in Kyiv.
The AR3 is a high-performance drone designed for extensive surveillance in both land and maritime missions. With a maximum take-off weight of 25kg, it can cruise at speeds of 75-90km per hour for up to 16 hours. Equipped with various sensors, including cameras and radars, the AR3 can take off and land vertically or deploy with a catapult and parachute. Tekever, initially focused on software development since its establishment in 2001, decided to fully commit to drones in 2009.
CEO Ricardo Mendes explained, “We recognized that the drone market was mainly dominated by defense players and their technology, which typically involved lengthy development timelines. We saw an opportunity for software to become a central driver in this field.”
Tekever specializes in providing surveillance and reconnaissance drones. Its customer base includes both civilian agencies, such as the European Maritime Safety Agency, and oil and gas companies. The company operates on two business models: providing drones as a service through long-term contracts and selling them directly while offering maintenance support.
Tekever successfully raised €20 million in a series A funding round in 2022, led by UK-based investor Ventura Capital. Now, it aims to secure an additional €50 million this year to support its expansion plans. Mendes stated that the company is in discussions with advisors and is eager to secure the funding in the near future.
Despite already being profitable, Tekever expects to achieve over 50% growth this year in terms of both revenues and earnings. The company plans to manufacture more than 100 systems.
Other smaller companies, such as AeroVironment in the US and Baykar in Turkey, have also gained recognition for their advancements in drone technology during the Ukraine war. This highlights the disruptive impact of innovative technologies like sensors, robotics, and artificial intelligence on defense procurement processes.
Mendes remarked, “The war in Ukraine validates the idea that agility is crucial, even in the military sector.”
He further explained, “Drones do not progress following the typical aerospace cycles. They advance alongside computing cycles. Essentially, a drone is a flying computer.”
Mendes echoed sentiments expressed by Silicon Valley investors who urged the US government to modernize its procurement process to allow more companies to participate. He emphasized the need to shift from outdated technology acquisition models towards embracing cutting-edge solutions.
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