European defense technology startup Helsing announced on Tuesday that it has raised 600 million euros (about $693.6 million) in a major new funding round.
The investment was led by Prima Materia, a venture capital firm founded by Spotify CEO Daniel Ek, who also serves as Helsing’s chairman. Early Spotify investor Shakil Khan co-led the round.
Existing investors Lightspeed Venture Partners, Accel, Plural, General Catalyst, and Saab also participated, along with new backers BDT & MSD Partners.
Defense technology has become a hot area for investors amid ongoing global conflicts, including the war in Ukraine and recent escalations in the Middle East.
According to a NATO Innovation Fund report, venture funding in Europe’s defense, security, and resilience sectors hit a record $5.2 billion in 2024, growing 30% over two years while the broader venture capital market shrank by 45%.
Founded in 2021, Helsing develops AI-powered software that analyzes large amounts of battlefield sensor and weapons data to help military decision-making in real time. Last year, the company expanded into manufacturing military drones, launching its HX-2 drone series.
Helsing operates in the UK, Germany, and France. It plans to use the new funds to boost Europe’s “technological sovereignty” by developing critical technologies like AI domestically.
Daniel Ek said, “As Europe rapidly strengthens its defense capabilities amid evolving geopolitical challenges, urgent investments in advanced technologies are needed to ensure strategic autonomy and security readiness.”
The startup did not disclose its new valuation but was valued at about 5 billion euros in a 450 million euro funding round last year. Reports suggest the current valuation may have doubled to around 12 billion euros, making Helsing one of Europe’s most valuable startups.
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