Frankfurt (Germany) (AFP) – German drone maker Quantum Systems said Thursday it has raised $1.2 billion (one billion euros) in a funding round and more than doubled its valuation, highlighting investor buzz surrounding defence tech firms. The Munich-based company, which makes surveillance drones and other AI-powered autonomous systems, is among a crop of younger defence manufacturers attracting huge interest as European countries rearm.
The funding came from backers including US private equity giant Blackstone, aviation behemoth Airbus, as well as investment firms Noteus and Advent, more than doubling the valuation of the company to $8 billion. “This financing allows us to scale production, expand globally, and deliver the next generation of AI-powered autonomous systems,” said the group’s co-CEO Sven Kruck. The funds will also help further develop the company’s software platforms that connect all of its autonomous systems.
Quantum, established in 2015, is a supplier of reconnaissance drones to the armed forces of Ukraine, where the war against Russia is now in its fifth year, as well as the German military and other European armies. The firm, whose revenues were around 300 million euros last year, has expanded its offerings beyond spy drones and is developing autonomous land and sea systems.
Florian Seibel, co-CEO and co-founder, told reporters that the fundraising could open the way for Quantum to acquire Stark Defence — a maker of attack drones, which he also helped to found. Stark, set up in 2024, announced a funding round of its own last week, raising 500 million euros. European countries are racing to build up their militaries to contend with an increasingly hostile Russia and growing worries about US security commitments to the continent under President Donald Trump.
© 2024 AFP
