The transaction
What happened
On 23 September, TEKEVER announced the first close of a US$580 million Series D at a US$6.4 billion valuation. UC Investments, the University of California investment organisation, and Baillie Gifford led the financing. Merlyn Advisors joined as a new strategic investor; Crescent Cove, Ventura Capital and Iberis Capital continued investing. TEKEVER identifies this as UC Investments' first direct European investment. 1
The first close covers most of the fundraising, with additional closings expected over the following months. The announced uses are international expansion, industrial and technological capability, and strategic acquisitions. The ownership issued and valuation basis were not disclosed. 1
The financing follows a major commercial milestone. On 16 September, TEKEVER announced a signed CORVUS contract with the UK Ministry of Defence, with a maximum value of £400 million. It centres on the AR5 surveillance platform, with manufacturing planned in Swindon and entry into British Army service expected later in 2026. The company cites more than 50,000 operational flight hours in Ukraine since 2022. 2
TEKEVER is also a buyer abroad. Its earlier, 1 September acquisition of Edinburgh-based Flowcopter adds hydraulic aerospace propulsion engineering. The businesses had already collaborated on the AR6 platform. Flowcopter retains an Edinburgh engineering presence under the TEKEVER brand; the acquisition price was not disclosed. 3
What to watch
Further Series D closings, additional strategic investors and the initial CORVUS deployment.