German spy drone maker Quantum Systems has tripled its valuation to €3bn, becoming one of the biggest defence start-ups in Europe as it reaps the benefits of a pivot into military sales.
The Bavaria-based company on Thursday closed an €180mn extension of a funding round led by Balderton Capital, with investors including US tech billionaire Peter Thiel. The fundraising brings the total amount raised by the company this year to €340mn.
It propels Quantum higher up the list of most valuable European drone start-ups. Investors have flocked to funding rounds of drone groups this year, with Munich-based kamikaze drone maker Helsing, backed by Spotify founder Daniel Ek, securing a €12bn valuation. Portuguese surveillance drone maker Tekever was valued at more than €1bn.