Tekever raises $74M for dual-use drone platform deployed to Ukraine

Dual-use drone startup Tekever has raised $74M in a Series B round led by Baillie Gifford & Co. and the NATO Innovation Fund, signaling growing interest in smaller tech startups competing in defense markets traditionally dominated by large firms. Tekever plans to expand into the U.S. and enhance its drone technologies, which have already been used in both civilian and military applications, including operations in Ukraine and surveillance in the English Channel.

Tekever's vertically integrated approach—controlling airframe design, payloads, and AI—enables rapid adaptation to evolving customer and battlefield needs. CEO Ricardo Mendes highlighted Europe’s lag in tech growth amid the war in Ukraine, calling for greater innovation.

The funding reflects the accelerating sophistication of drones, driven partly by the Ukraine conflict, and a broader trend of investing in dual-use technologies that serve both civilian and defense markets. Other participants in the round included the U.K.’s National Security Strategic Investment Fund and Crescent Cove Advisors.

As greenhouses face labor shortages, Four Growers builds robots to help

Four Growers, a Pittsburgh-based agtech startup, has raised $9M in a Series A round led by Basset Capital, with support from Y Combinator and Ospraie Ag Science. The company builds robots designed to autonomously harvest crops in greenhouses, starting with tomatoes and expanding soon to cucumbers. These robots use stereo cameras to identify and harvest ripe produce, addressing the agriculture industry's critical labor shortages.

Co-founders Brandon Contino and Dan Chi developed the technology through hands-on experience, spending a year coding and testing prototypes in greenhouses. The robots are already in use with five customers, having picked millions of tomatoes, and the new funding will help scale production to meet rising demand.

Unlike vertical farms, which face high costs and operational challenges, Four Growers focuses on enhancing efficiency in existing greenhouse operations. Greenhouses offer year-round harvesting and frequent schedules, making them ideal candidates for robotic solutions.

Contino emphasizes that their robots are designed to augment labor rather than replace it, allowing fewer workers to manage more tasks efficiently. With plans to expand into outdoor farms and beyond harvesting, Four Growers aims to be at the forefront of agricultural robotics innovation.

Drone manufacturer Skydio raises $170 million extension round 

American drone maker Skydio has secured a $170M extension to its $230M Series E, bringing its total funding for the round to $400M. Strategic investors like KDDI and Axon joined, alongside existing backers like Linse Capital, which owns over 21% of the company. This comes as defense tech funding surges, with over $9.1B raised in the first half of 2024.

Skydio's pivot away from consumer drones in 2023 has paid off, with 2024 revenue projected at $180M, largely from enterprise, public safety, and defense clients. Its military bookings now account for over half of its $1.2B pipeline. KDDI’s $60M investment will help deploy Skydio drones in Japan and improve LTE connectivity.

Despite strong revenue growth and a 38% gross margin driven by software sales, Skydio faces challenges, including high capital burn and geopolitical pressures. Sanctions from China, in response to Skydio's Taiwan sales and lobbying against DJI, have impacted the company’s battery supply. However, growing scrutiny of Chinese drones in the U.S. could bolster Skydio's domestic market share.

With this funding, Skydio plans to accelerate product launches and maintain its lead in North American drone innovation.

Thanks for reading subscribe for more and find me on x @IvanIlievski_