Portuguese-British company Tekever announced on Wednesday that its valuation has reached $6.4 billion and it has completed a $580 million funding round, as European nations race to rearm amid the war in Ukraine and the growing threat from Russia. The company develops AI-powered autonomous systems, including surveillance drones. Since Russia's full-scale invasion of Ukraine in 2022, Tekever's drones have accumulated over 50,000 flight hours in Ukraine. The funding round was led by UC Investments and Baillie Gifford, with participation from Merlyn Advisors, Crescent Cove, Ventura Capital, and Iberis Capital. Tekever stated that it will use the funds to deepen its international operations, expand industrial and technological capabilities, and accelerate strategic acquisitions. This follows the company's selection by the UK Ministry of Defence in July to provide surveillance technology over the next decade under a program valued at up to £400 million (approximately $530 million).