This Week's Dealflow: X-Bow, Quantum Systems, Tekever
Plus: ex-CIA agent starts EU defense tech fund; Veritas Capital raises $400M for dual use; Defense Budget priorities for VC firms -- and more!
For 13 May 2025, here are the deals we’re covering:
X-Bow Systems Closes +$105 Million Series B
X-Bow Systems Inc (X-Bow), a producer of advanced manufactured solid rocket motors (SRMs) and defense technologies, closed its Series B funding round, totaling over $105 million. The round was led by Lockheed Martin.
The round included investment from Razor's Edge Ventures, Crosslink Capital, Balerion Space Ventures, Boeing Ventures, Bravo Victor Venture Capital, Upsher Management Company, Capital Factory Ventures, Arkenstone Capital, and Event Horizon Capital.
Dual-use drone startup Tekever raises €70M
European drone startup Tekever raised €70 million in a funding round led by NATO Innovation Fund (NIF) and investment company Baillie Gifford. Other investors include National Security Strategic Investment Fund (NSSIF), Cedrus Capital, Iberis Semper, and Crescent Cove Advisors.
The round valued Tekever at over €1 billion. Established in 2001 in Portugal, Tekever now operates across the UK and France, and provides drone-based Intelligence-as-a-Service for civilian, military, and private sector missions.
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Quantum Systems raises €160M for aerial intelligence solutions
Quantum Systems, a German aerial intelligence company that provides data collection products to government agencies and commercial customers, has raised €160 million. The funding round was led by Balderton Capital. Hensoldt, Airbus Defense and Space, Bullhound Capital, LP&E AG, HV Capital, Project A, Peter Thiel, DTCP, Omnes Capital, Airbus Ventures, Porsche SE and Notion also participated.
The funding, which brings the total raised by the company to €310 million, will be used to advance the company’s autonomous drone systems, which are currently used by NATO-aligned forces, including those in Germany, Ukraine, Australia, New Zealand, and Spain.
This Week’s Investors:
201 Ventures
Airbus Ventures
Arkenstone Capital
Balerion Space Ventures
Baillie Gifford
Balderton Capital
Boeing Ventures
Bravo Victor Venture Capital
Bullhound Capital
Capital Factory Ventures
Cedrus Capital
Crescent Cove Advisors
Crosslink Capital
DTCP
Event Horizon Capital
Hensoldt
HV Capital
Iberis Semper
Lockheed Martin Ventures
LP&E AG
National Security Strategic Investment Fund (NSSIF)
NATO Innovation Fund (NIF)
Notion
Omnes Capital
Porsche SE
Project A
Razor's Edge Ventures
Upsher Management Company
Veritas Capital
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