With a valuation of around 12 billion euros, the German defense technology start-up Helsing becomes one of the five most valuable private tech companies in Europe. A new funding round of 600 million euros, led by Spotify founder Daniel Ek and his investment company Prima Materia, definitively makes the Munich-based company a heavyweight in the European defense industry.
The capital increase takes place less than a year after a previous financing round of 450 million euros, propelling the total volume of raised funds to 1.37 billion euros. In addition to Prima Materia, existing investors such as the Swedish defense company Saab and venture capital firms Lightspeed Ventures, Accel, Plural, and General Catalyst also participated.
Helsing was founded in 2021 by former German Army advisor Gundbert Scherf, AI researcher Niklas Köhler, and video game entrepreneur Torsten Reil. Originally specializing in AI-based software solutions, the company now also develops its own drones, autonomous combat aircraft, and surveillance submarines. According to Ek, the shift to an "AI Software and Hardware" model marks a turning point: "We have reached a tipping point – the battlefield will be determined by artificial intelligence, mass, and autonomy in the future.
Helsing already delivers thousands of combat drones to Ukraine and holds contracts with Germany, Sweden, and the United Kingdom. Recently, the company successfully tested an autonomous aerial combat system that controlled a Saab fighter jet. In parallel, it is working with the French AI company Mistral on further developing its decision algorithms. However, a cooperation announced in 2022 with Rheinmetall was dissolved.
The geopolitical context – particularly the war in Ukraine – accelerated capital raising according to Ek.
