Helsing, a German-based AI defense technology startup, has secured fresh funding of 600 million euros ($693.6 million), making it one of the biggest rounds for businesses in the sector.
The round is led by Prima Materia, co-founded by Spotify CEO Daniel Ek, who chairs Helsing. Shakil Khan, a longtime EK collaborator and early Spotify backer, is also the co-founder of Prima Materia. Existing investors – Lightspeed venture partners, Axel, multiple, general catalysts, Swedish defense giant Saab has repeatedly supported them. The new capital comes from BDT & MSD partners.
The company has not shared an updated rating and the round is still pending regulatory approval. Helsing was last valued at around 5 billion euros during his pay raise in 2023, bringing 450 million euros led by General Catalyst.
Unlike traditional defense contractors, Helsing is building a new kind of defense company. This provides massive accuracy and autonomous capabilities to help democracy stop and defend threats.
Interest in defense technology has seen a massive surge as geopolitical tensions continue to grow, from the ongoing war in Ukraine to the Israeli-Gaza conflict. Recently, US-based Anduril raised $2.5 billion at a $28 billion valuation, demonstrating active support for new player investors challenging the control of legacy defense contractors like Lockheed Martin and Raytheon.
In Europe, funding for defense, security and resilience startups reached a record $5.2 billion in 2024, according to the NATO Innovation Fund. Most of the VC market hit, shrinking 45%, but the sector rose 30% in just two years, CNBC reported
Founded in 2021 by Torsten Reil, Dr. Gundbert Scherf and Niklas Kohler, Helsing will develop AI-powered software that will interpret data from sensors and weapons systems to help military operators make real-time battlefield decisions. The company expanded to hardware last year with the launch of the HX-2 drone.
Operating throughout the UK, Germany and France, Helsing says it will use new funds to promote broadly the idea of double the development of critical technologies within Europe and reduce “technical sovereignty” or reliance on foreign technology providers.
“There is an urgent need for investment in advanced technologies that ensure strategic autonomy and security readiness in order to rapidly strengthen our defense capabilities in response to evolving geopolitical challenges,” EK said in a statement Tuesday.
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