Photo Credit: Helsing
Spotify CEO Daniel Ek leads the charge in a bumper round of funding for AI-based defense startup Helsing. The company says it’s raised €600 million.
European defense tech startup Helsing has announced raising 600 million euros (~$690 million) in a new round of funding. The investment was led by Prima Materia, the venture capital firm founded by Spotify CEO Daniel Ek, who is also chairman of Helsing.
Helsing, which operates in the UK, Germany, and France, said it would use the new cash to invest in Europe’s “technological sovereignty,” referring to attempts to onshore the development and production of technologies such as AI. Existing investors Lightspeed Venture Partners, Accel, Plural, General Catalyst, and Saab also contributed funds, alongside new investors BDT & MSD Partners.
“As Europe rapidly strengthens its defense capabilities in response to evolving geopolitical challenges, there is an urgent need for investments in advanced technologies that ensure its strategic autonomy and security readiness,” said Ek.
The technology behind furthering defense has become a hot topic for investors amid major global conflicts. In 2024, venture funding in Europe’s defense, security, and resilience sector hit an all-time high of $5.2 billion, based on a report from the NATO Innovation Fund. The sector saw 30% growth in the past two years, outperforming the broader VC market, which saw a 45% decline during the same period.
Founded in 2021, Helsing sells software that utilizes artificial intelligence technology to an analyze large amounts of sensor and weapons system data from the battlefield to inform military decisions in real time. Last year, the startup also began manufacturing its own line of military drones, the HX-2.
Helsing was previously valued at around 5 billion euros in a 450 million euro funding round led by General Catalyst last year. Helsing did not disclose its new valuation following the latest financing round, which is still subject to “certain approvals,” according to the company.
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