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German drone manufacturer Quantum Systems has raised $1.2bn in fresh funding, in a round which more than doubles its valuation to $8bn, it said today.
The Series D was co-led by US investor Blackstone, European growth investor Noteus, aircraft giant Airbus and private equity firm Advent.
The round was also supported by institutional investors, including Bond, Fidelity and Elephant Lake Ventures.
The new funding more than doubles its previous valuation, the German startup said. Quantum Systems raised in November last year at a valuation of over €3bn.
The funding round comes as investors continue to flood investment into European drone makers.
In an interview with the Financial Times, Quantum Systems co-founder and co-CEO Florian Seibel suggested that Quantum Systems would consider a merger with German weaponised drone maker Stark, which he also co-founded.
He told the FT: “I was never really happy that I was forced to build Stark outside of Quantum.”
He added: “Stark . . . did great. It’s a success story. But if it was part of Quantum, there also would be benefits coming out of that.”
But he said there was “no roadmap” for a merger.
Quantum Systems said it would use the funds for international expansion, fund acquisitions and increase manufacturing capacity.
Founded in 2015, Bavaria-based Quantum Systems is one of several startups benefiting from an increase in defence spending across Europe and the world in new, cutting edge technology.
Quantum Systems makes unmanned aerial and land drones. Its tech is deployed by NATO forces across Europe and the US, as well as in Australia, New Zealand, and most prominently in Ukraine, where its fleet has been operating since the start of the full-scale invasion in 2022.
Seibel said: “The future is unmanned. Defence will be defined by autonomous systems that can operate together across domains in real time.
“With Quantum Systems, we are building a next-generation neo prime that has the potential to disrupt defence as we know it today.
“We are profitable, deployed around the world and with the latest financing round we now have more than $1.2Bn of dry powder to execute.”