Alpha Unmanned Systems — Venture Debt · €4M

Alpha Unmanned Systems, a Madrid maker of unmanned tactical helicopters, closed (cerró) a €4M financing from Banco Santander, Bankinter and BBVA, backed by Cesce, Spain's export credit agency. The money will open a new production plant in Madrid, grow the team and speed up innovation. Sources call it a funding round but name only banks as participants, so it is classed as bank debt. The exact instrument and Cesce's role (likely a guarantee) were not disclosed.