European Defense Technology Startup Helsing Raises 600 Million Euros in Funding Round

European defense technology startup Helsing has successfully secured a substantial 600 million euros ($693.6 million) in a recent round of funding. Leading the investment was Prima Materia, the venture capital firm established by Spotify CEO Daniel Ek and early investor in the music streaming app, Shakil Khan.

Helsing's chairman, Daniel Ek, is also the chairman of the company. Notably, existing investors such as Lightspeed Venture Partners, Accel, Plural, General Catalyst, and Saab joined new investors BDT & MSD Partners in this significant funding round. The defense technology sector has garnered increased attention from investors, particularly in the midst of global conflicts such as the Ukraine war and Israel-Gaza tensions.

In 2024, venture funding in Europe's defense, security, and resilience sector reached an all-time high of $5.2 billion, as reported by the NATO Innovation Fund. Helsing, established in 2021, offers AI-powered software for analyzing large volumes of sensor and weapons system data to enhance real-time military decision-making. The startup also ventured into manufacturing military drones, known as HX-2. With operations in the U.K., Germany, and France, Helsing plans to utilize the new funding to invest in Europe's 'technological sovereignty', focusing on the onshoring of critical technologies like AI.

Daniel Ek emphasized the urgent need for investments in advanced technologies to ensure Europe's strategic autonomy and security readiness. Although the new valuation post-funding round remains undisclosed, Helsing's previous valuation stood at around 5 billion euros following a 450 million euro funding round led by General Catalyst last year.