Lisbon-based autonomous systems firm secures $1.3B valuation, launches UK-based OVERMATCH programme to reshape Europe’s defence innovation.

AI-powered defence tech firm TEKEVER has achieved unicorn status following a major funding round that brings its valuation to $1.3 billion (over £1 billion). The milestone cements the Lisbon-based company’s role at the forefront of Europe’s growing autonomous military sector.

Backed by Ventura Capital, Baillie Gifford, and the NATO Innovation Fund, the company is now rolling out OVERMATCH, a five-year, £400 million ($535.4 million) UK-led development strategy aimed at transforming the continent’s defence landscape through AI and autonomy.

“The future of Europe relies on more than just increased defence spending — we need to transform our industrial base and be smarter about investments,” says Ricardo Mendes, CEO of TEKEVER. “This funding round will help us deliver that mission.”

Combat-Tested Tech, Built for the Battlefield

Founded in 2001, TEKEVER specializes in AI-centric unmanned aerial systems (UAS), notably the AR3 and AR5 drones. These aircraft have logged over 10,000 combat flight hours, including operations in Ukraine’s high-intensity electronic warfare environment.

The company claims its systems have directly supported operations that neutralized more than $4 billion (£3 billion) in Russian military assets — including S-400 air defence systems — highlighting their strategic impact on the battlefield.

What sets TEKEVER apart is its vertically-integrated model, which allows it to rapidly implement updates based on real-time operational feedback. Over 100 field upgrades have already been made, covering everything from propulsion systems to AI software.

OVERMATCH: Scaling European Defence Innovation

TEKEVER’s new OVERMATCH initiative aims to build an agile, pan-European defence innovation ecosystem. Its core goals include:

• Establishing Centres of Excellence in autonomy by uniting academia, startups, and defence industry players
• Expanding production and testing capacity across Europe
• Accelerating the deployment of AI-driven systems to meet dynamic battlefield needs
• Building an inclusive, cross-border innovation framework to support companies of all sizes

“This isn’t just about technology — it’s about reshaping infrastructure and collaboration across Europe,” says John Ridge, Chief Adoption Officer at the NATO Innovation Fund. “We are committed to supporting OVERMATCH as it catalyses AI and autonomy development and creates thousands of high-skilled jobs.”

From Battlefield to Boardroom: Strategic Investment

With a $68 million annual revenue and 550 employees, TEKEVER has combined operational scale with startup-like agility. Its approach has caught the attention of major investors who see in it the emergence of a new type of defence prime: agile, software-led, and operationally validated.

“TEKEVER is driving the transformation of Europe’s defence capabilities,” says Chris Evdaimon, Investment Manager at Baillie Gifford. “With its vertically-integrated model and extensive real-world experience, it’s leading the next generation of defence firms.”

AI at the Core of Europe’s Security Future

The company’s success comes amid a broader rethink of European defence strategy, which is increasingly turning to AI and automation to address evolving geopolitical challenges.

With the launch of OVERMATCH and strong investor support, TEKEVER isn’t just building systems — it’s helping to redefine the infrastructure of defence innovation across Europe.

As warfare grows more data-driven and dynamic, TEKEVER’s model — blending AI adaptability with real-world combat experience — could serve as a blueprint for the future of European security.