TEKEVER Adds €13 Million From EIFO to €520 Million Series D

By Daniel Okafor

Portuguese DefenceTech scale-up TEKEVER has secured €13 million from EIFO as part of its €520 million ($580 million) Series D, drawn at a €57 billion valuation. EIFO is Denmark's sovereign investment fund. The deal values the Lisbon drone maker at €5.7 billion ($6.4 billion) and plugs it directly into Denmark's ecosystem for drones, robotics, testing and research.

The first close of the round was announced on 23 September 2026. EIFO joined the second close. That structure matters: the fund did not merely buy shares. It bought a seat next to a national industrial base.

What does the money buy?

Growth, and a foothold. TEKEVER says the financing supports its continued expansion, and the announcement sets up the company's first operational presence in the Nordics and in Denmark. CEO Ricardo Mendes framed the Nordic push as strategic, not opportunistic.

"EIFO's commitment to join the second close of our Series D is a meaningful step in TEKEVER's long-term engagement with Denmark and the Nordic region. The Nordic countries are vital to Europe's sovereignty and resilience," Mendes said.

He added: "Their industrial capacity, technological expertise and close cooperation can make an important contribution to strengthening Europe's ability to develop and sustain the capabilities on which its security depends. We look forward to working with Danish partners in Odense and across the region, combining TEKEVER's experience in AI-centric autonomous systems with the strengths of the Danish ecosystem."

Odense, on Funen, hosts a dense cluster of robotics and drone research. The city gives TEKEVER a local partner base without building one from scratch.

Why is EIFO writing the cheque?

EIFO's CEO Peder Lundquist tied the investment to scale, not experiment.

"Europe needs defence companies that can grow and deliver at scale. TEKEVER has already demonstrated its ability to turn advanced technology into operational solutions. With this investment, we are supporting the company's next phase of growth while also bringing a tangible TEKEVER presence to Denmark," Lundquist said.

TEKEVER, founded in 2001 in Lisbon, develops AI-powered autonomous drone systems for surveillance and intelligence gathering. The company's track record is operational, not theoretical. Its drone systems have reportedly completed more than 50,000 operational flight hours in Ukraine. It has secured long-term defence programmes in Germany, the United Kingdom and Portugal.

That record explains the valuation. A defence company with flight hours in an active conflict and multi-country contracts sells proven hardware, not prototypes.

How big is Europe's defence funding wave?

The TEKEVER round lands amid a string of European investments in autonomous and defence-related technologies through 2026.

• Lisbon-based Beyond Vision raised over €28 million to expand AI-powered drone production for civilian and defence markets.
• Germany's Quantum Systems secured a €1 billion Series D, one of Europe's largest DefenceTech financings, to scale unmanned systems.
• Norway's Six Robotics raised €12 million for autonomy software, working with Norwegian defence partners.
• Denmark's Acodyne secured €2.5 million for autonomous cargo aircraft serving defence and offshore logistics.

EIFO participated in both the Six Robotics and Acodyne rounds. The fund is building a portfolio, not making isolated bets.

EU-Startups counts roughly €1.07 billion in adjacent funding across 2026. Including TEKEVER's reported €520 million Series D, the total rises to about €1.59 billion.

What comes next?

The Odense presence turns Denmark from a market into a base. Expect TEKEVER to pair its AI-centric autonomy stack with Danish research institutions and component makers, the same playbook that carried it into Germany, the UK and Portugal.