German drone manufacturing startup Stark Defence achieved a valuation exceeding one billion euros (equivalent to 1.2 billion US dollars) in a recent funding round completed several weeks ago, according to media reports on Friday.

The reports, which did not disclose their sources, indicated that Founders Fund, backed by Peter Thiel, contributed tens of millions of euros to the round. Other European investors also participated in the financing.

Stark Defence has not immediately responded to requests for comment. Some media outlets stated that the company declined to provide a statement.

Official documents reveal that the German government plans to place an order for attack drones valued at 536 million euros with Stark Defence and another German defense contractor, Helsing.