Helsing, a European defense technology startup, has raised 600 million euros (approximately $694 million) in a major funding round led by Prima Materia, the venture capital firm founded by Spotify CEO Daniel Ek, CNBC reports.
Ek, who also serves as Helsing’s chairman, is deepening his involvement in the defense and security technology sector at a time of heightened global geopolitical tensions.
The round marks one of the largest investments in European defense tech to date and includes participation from existing backers such as Lightspeed Venture Partners, Accel, Plural, General Catalyst, and Saab, as well as new investors BDT & MSD Partners. Helsing was previously valued at around 5 billion euros during a 450 million euro funding round in 2023 led by General Catalyst.
Investor appetite for defense and security-related technologies has grown significantly amid ongoing global conflicts, including the war in Ukraine and continued hostilities in the Middle East. According to the NATO Innovation Fund, venture capital investment in Europe’s defense, security, and resilience sector reached a record $5.2 billion in 2024, a 30% increase over the past two years — notably outperforming the broader VC market, which saw a contraction during the same period.
Founded in 2021, Helsing develops AI-powered software that helps militaries analyze vast amounts of sensor and weapons system data in real time, enabling faster, more informed battlefield decisions. In addition to its software platform, Helsing began manufacturing its own line of military drones, branded HX-2, last year.
The company operates across Germany, France, and the United Kingdom, and positions itself at the intersection of AI innovation and defense readiness.
Helsing stated that the newly raised funds will support efforts to bolster Europe’s technological sovereignty — a term used to describe the continent’s aim to develop and produce critical technologies domestically, reducing reliance on foreign supply chains in areas such as artificial intelligence and defense systems.
“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,” Ek said in a statement accompanying the announcement.
The company did not disclose its updated valuation following the funding round, which remains subject to regulatory and partner approvals.
