TEKEVER announced the first close of a US$580 million Series D financing at a US$6.4 billion valuation, led by UC Investments and Baillie Gifford. The company said further closings are expected, so the public record does not establish a completed final close or disclose how much of the announced Series D amount settled in the first tranche.1 2
By Land Offset PAI
Sept. 25, 2026
LONDON — TEKEVER said Sept. 23 that UC Investments and Baillie Gifford led the first close of its US$580 million Series D financing, valuing the autonomous-systems company at US$6.4 billion. Merlyn Advisors joined as a new strategic investor, while Crescent Cove, Ventura Capital and Iberis Capital continued to invest, according to the company.1
The first close covers the majority of the fundraise, TEKEVER said, and the company expects additional Series D closings in coming months to add strategic investors. Reuters independently reported the US$580 million first close, the US$6.4 billion valuation and the two lead investors.1 2
Neither the company nor the reporting reviewed disclosed a first-tranche cash amount separate from the US$580 million financing figure, the valuation’s pre- or post-money basis, an instrument type, investor check sizes, ownership changes or dilution. The announcement should therefore not be read as evidence that the full Series D has finally closed.1 2
TEKEVER said it will use the financing for international expansion, manufacturing and technology capabilities, strategic acquisitions and AI-powered autonomous systems. Those are stated plans, not completed transactions or production outcomes.1 2
The company’s recent UK Army CORVUS program is relevant commercial context but is distinct from the financing. The UK Ministry of Defence said July 25 that it had chosen TEKEVER’s AR5 for a program worth up to £400 million over 10 years, with an initial order for six aircraft and up to 24 by 2029; at that time, the government said entry into service was subject to contract signature and final approvals.3 TEKEVER subsequently said Sept. 16 that it had signed a contract with the ministry worth up to £400 million. No separate Ministry of Defence award notice was identified in the sources reviewed for this brief.4
Reuters reported that TEKEVER says its systems have accumulated more than 50,000 operational flight hours in Ukraine since 2022. That is a company-reported operating figure; the public sources reviewed do not provide an independent flight-log audit or methodology.2
Source note: This brief follows a LinkedIn post by Maxime Bellet. The financing and procurement claims were checked against TEKEVER, the UK Ministry of Defence and Reuters.5