{"text":[[{"start":11.6,"text":"German drone start-up Stark is in talks with investors to raise at least €300mn in a new funding round that could more than double the company’s valuation to about €2.5bn, according to people familiar with the matter."}],[{"start":25.5,"text":"The latest fundraising move by Stark, which makes “kamikaze” drones and is backed by US technology billionaire Peter Thiel, highlights how investors are clamouring to put money into the booming defence sector."}],[{"start":37.7,"text":"People briefed on Stark’s discussions with investors cautioned that no deal had been finalised and that the size of the fundraising and the company’s valuation could yet change. Stark declined to comment."}],[{"start":50.35,"text":"But a deal valuing Berlin-based Stark at €2.5bn would mark a significant uptick for the company. It was valued at more than €1bn in a previously undisclosed funding round earlier this year."}],[{"start":64.6,"text":"Stark’s new round comes as Europe’s most valuable defence tech start-up, Munich-based Helsing, is set to raise $1.2bn at an $18bn valuation, the FT reported earlier this month. "}],[{"start":78.55,"text":"Stark’s sister company Quantum Systems, which makes surveillance drones, is also in talks to raise new funding."}],[{"start":84.85,"text":"Founded in 2024, Stark has become one of the most high-profile players in Europe’s defence tech industry at a time when the continent’s governments are increasing spending on their militaries. "}],[{"start":95.94999999999999,"text":"The move is a response to Russia’s full-scale invasion of Ukraine as well as US President Donald Trump’s insistence that Europe take greater responsibility for its security."}],[{"start":105.94999999999999,"text":"Stark is best known for making so-called kamikaze drones designed to fly into targets and blow them up. "}],[{"start":113.19999999999999,"text":"The company suffered problems with its Virtus drone during two trials with the British and German militaries last year — a setback the company shrugged off as part of its innovation process. "}],[{"start":124.35,"text":"In February, Stark was one of three companies awarded a deal — worth roughly €300mn each — to supply kamikaze drones to Germany’s armed forces."}],[{"start":134.29999999999998,"text":"The company has also begun to make a foray into anti-drone systems. In April Stark announced a partnership with Inleap Photonics, which is developing lasers that can be used to blast drones out of the sky."}],[{"start":146.35,"text":"Stark has come under scrutiny from some German lawmakers for being backed by Thiel, who has close links to Trump, at a time when European nations are seeking to reduce their dependence on the US for their security. "}],[{"start":159.4,"text":"The company has stressed Thiel’s stake in Stark is less than 10 per cent and he has “no information rights relating to our products or business operations”."}],[{"start":168.1,"text":"Stark is led by chief executive Uwe Horstmann, who was appointed to the role in October from his posting as a co-founder of venture capital group Project A."}],[{"start":177.45,"text":"The company has previously raised money from investors including the Nato Innovation Fund, the CIA-linked fund In-Q-Tel, and Sequoia Capital. "}],[{"start":195.2,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1780041882_5567.mp3"}