Thiel-Backed Drone Maker Quantum Systems Eyes €100 Million Round

Quantum Systems, a German manufacturer of surveillance drones backed by Peter Thiel, is in talks to raise €100 million ($108 million) in a new financing round led by Balderton Capital, people familiar with the matter said.

The new round would value the company, whose surveillance drones are used by the Ukrainian army in the war against Russia, at more than €1 billion, the people said, asking not to be identified because the discussions are private. The round could be extended to as much as €300 million at a higher valuation depending on investor interest, the people said.

Balderton hasn’t ...