Beyond Vision, a Portuguese company that builds unmanned aerial systems for defence, security and industrial customers, has raised more than €28m (about $31.4m). The round was co-led by Índico Capital Partners and Lince Capital, and was reported on 22 October 2026 by Tech.eu, ECO and Jornal Económico.
ActiveCap, which has been a shareholder since 2024, made a follow-on investment in the round, according to Tech.eu and Link to Leaders. ECO and Jornal Económico described ActiveCap as taking part in the operation alongside the two lead investors.
None of the reports gave a name for the stage of the round, and the company did not disclose a valuation. Headlines differed slightly on the size: ECO and Jornal Económico put it at €28m in their titles, while the body of the ECO piece, Tech.eu and Link to Leaders said the company raised more than €28m.
“Beyond Vision has redefined this market by combining high-precision hardware with advanced artificial intelligence algorithms at a very competitive cost. This investment will give Beyond Vision the financial robustness needed to scale production and compete globally in important segments of autonomous unmanned vehicles.”Stephan de Moraes, Managing General Partner, Índico Capital Partners
What Beyond Vision does
Beyond Vision was founded in 2013. Tech.eu reported that it started out building software and later moved into drones that run AI algorithms and are managed through a cloud platform. Its systems are designed for both civil and military uses, according to ECO, and the company is registered as a supplier to NATO.
The company is led by chief executive Dário Pedro, with Luís Miguel Campos as chairman. Its website lists an address in Alverca do Ribatejo.
According to Tech.eu and Link to Leaders, the team has grown to about 150 people. Both reported that the company beat its own revenue estimate for 2025 and added military and civilian customers in several countries. Neither the revenue figure nor the names of customers were disclosed.
Who invested
Stephan de Moraes, managing general partner at Índico, told Tech.eu that countries now treat reliable and sovereign technology in defence, infrastructure management and security as a strategic priority, and said the investment would give Beyond Vision the financial footing to scale production.
Tomás Lavin Peixe, head of venture capital at Lince Capital, pointed to the geopolitical situation and rising European spending on defence as creating openings for technology companies that can compete abroad. He said Beyond Vision could help build a stronger national ecosystem in high-value technology.
Law firm SRS Legal advised Índico and Lince on the deal, ECO and Jornal Económico reported. Its team was led by partner Paulo Bandeira, with Solange Fernandes, who coordinates the firm's startups practice. Bandeira said in the ECO report that the deal reflected the growing weight of dual-use technologies, and that the meeting of defence, industry and innovation brought legal and regulatory questions as well as investment opportunities.
What the money is for
Dário Pedro said the money would go to several areas, according to Tech.eu. The first is the company's operational infrastructure and industrial production capacity, to meet what it described as growing global demand for autonomous systems.
Beyond Vision also plans to speed up research and development on its AI algorithms and on the features of its cloud management platform. The third area is commercial expansion into new international markets, with a focus on defence, security and the monitoring of critical infrastructure, Tech.eu and Link to Leaders reported.
ECO and Jornal Económico summarised the plans in similar terms: more industrial capacity, faster development of AI-based products and support for international growth.
The funding so far
The reports did not give figures for earlier rounds. The only previous investment they mention is ActiveCap's, which dates from 2024; its size was not disclosed.
Both lead investors tied the deal to demand for defence and security technology: de Moraes spoke of sovereign technology as a priority for many countries, and Lavin Peixe of stronger European investment in defence.
Company website: beyond-vision.com