Portuguese drone maker Beyond Vision raises over €28M co-led by Índico and Lince

TLDR

• Beyond Vision, a Lisbon drone maker that says it supplies NATO, raised over €28M co-led by Índico and Lince.¹²
• ActiveCap, a shareholder since 2024, made a follow-on investment; the sources give no valuation or stage.¹²
• Funds go to production capacity, AI and swarm development, and defence and infrastructure markets abroad.¹²

Beyond Vision, a Lisbon-based maker of unmanned aerial systems, announced on 22 October 2026 that it had completed an investment round of over €28 million, co-led by Índico Capital Partners and Lince Capital, with a follow-on investment from ActiveCap.¹² Dealroom News converts the amount to $31.5 million and calls it an early VC round; the other sources reviewed give no round stage and no valuation.³ No company release was found, so the details below come from outlets reproducing the company's statements.

Chief executive Dário Pedro said the money will scale industrial production, deepen AI integration in the company's cloud management platform, and expand sales in defence, security and critical-infrastructure monitoring abroad.¹ EU-Startups adds that the company wants to accelerate "AI and swarm capacity".² Founded in 2013, the company says it grew to 150 staff and exceeded its estimated 2025 revenue, and it describes itself as an officially registered NATO supplier; both are company claims.¹² EU-Startups describes it as specialising in "dual-use advanced unmanned aerial vehicle (UAV) technology", and says its beXStream platform handles remote drone control.²

On investor roles: ActiveCap has held shares since 2024, so its investment is a follow-on.¹² The sources do not say whether Índico and Lince are new or existing investors. Lince's portfolio page lists Beyond Vision but does not date the investment.⁶ Índico's Stephan de Moraes said that in defence, infrastructure and security "the reliance on cutting-edge, reliable, and sovereign technology is now a strategic priority for many countries".¹ Lince's Tomás Lavin Peixe pointed to the geopolitical context and stronger European defence investment.¹

The second sources add different angles. EU-Startups reports a 2025 contract worth €15 million to supply 300 emergency drones in the US by 2028, a planned US factory in 2027 with a €50 million investment, and a July partnership under which AVP (Aero Voo de Portugal) represents it commercially in Jordan; these are the company's statements and were not checked independently.² Dealroom places the round against Tekever's $580 million raise in September and says it ranks in the 98th percentile of all-time early VC rounds for AI companies in Portugal, a Dealroom calculation.³ ECO reports that law firm SRS Legal advised Índico and Lince, and quotes partner Paulo Bandeira saying the deal reflects growing relevance of dual-use technology.⁴ No round terms or customer names were found.

On the leads: Índico's companies page lists FOSSA Systems, which it says offers IoT asset monitoring through pico-satellite constellations, and Gazelle Wind Power, for floating offshore wind.⁵ Lince's portfolio page names Neuraspace and Speedbird Aero among its holdings.⁶ Tech.eu reports Lince took part in Neuraspace's €15.6 million round in August 2026; Neuraspace builds an AI platform for space domain awareness serving commercial, institutional and defence satellite operators.⁷ ECO reports Lince led a €3.5 million round in May 2025 in Speedbird Aero, a drone delivery startup.⁸

Why it matters: a drone maker that says it is a NATO supplier has drawn a €28M round from two Portuguese investors, showing defence-linked autonomy money reaching Europe's smaller markets, though the customer, revenue and NATO claims are the company's own and no valuation is disclosed.¹²³