Portuguese startup Tekever succeds in raising $74 Million to develop Dual-Use Drones and deploy them in Ukraine

1,000 days have passed since the war started in Ukraine. Unfortunately, this is something that seems to have no end in sight. In fact, the situation is becoming harsher with the decision of high-ranking officials, leading to increased tension that could escalate into much more dramatic levels of conflict. However, the support that the country has received from various allied countries has been sustained over time, enabling them to acquire state-of-the-art technology to counteract the effects of the continuous attacks that plague the country daily.

In this war, drones have gained popularity. There seems to be a strong investment in unmanned drones, either for reconnaissance exercises or to use them in order to repel attacks. The development of these drones has become more sophisticated compared to the pace that the war has taken.

There are major companies supporting several startups with the aim of financing them. Tekever is a Portuguese startup focused on the development of dual-use drones that has managed to raise an impressive amount of $74 million to further develop its technology and venture into new markets. Among other companies that have received funding, we can mention Origin; an emerging company that will use the funds to develop precision attack drones. It appears that these technological startups are delving further into a market sought after by other major defense companies.

Although Tekever was initially founded to provide surveillance drones for civilian use and track migrant smugglers in the English Channel, in recent times it has expanded its possibilities and orientations. It is also worth mentioning that these drones operate not only in Portugal but have also expanded their use to the United Kingdom and France, using a drone named ARX. This type of drone is capable of commanding smaller drones for surveillance on land or at sea.

The funding for Tekever was led by the Scottish company Baillie Gifford & Co and the NATO innovation fund. This venture capital fund has a specific purpose of supporting emerging companies focused on defense and security technologies. This does not mean that their drones are not multipurpose, as they can be adapted to the customer's needs considering that Tekever controls the operations carried out in-house, overseeing aspects such as design, fuselage manufacturing, software, artificial intelligence, and other crucial elements for the proper and precise functioning of the aircraft.

The same partner of the NATO innovation fund, Patrick Schneider-Sikorsky, has stated that the innovation fund maintains a deep interest in technologies that can somehow have a positive impact on both the civilian and defense markets. On the other hand, Chris Evdaimon, manager of private investments at Baillie Glifford, points out that Tekever's focus on drone development emphasizes software, while they handle all operations on their own without requiring external assistance.

Tekever is already active in Ukraine, and given the current situation, it is likely that new rounds of funding and investments of this magnitude will take place. If I must say something, it is that in war, no one wins, except those who promote and encourage the market.