Munich-based defense tech start-up Helsing has raised €600 million ($693 million) in its latest funding round, boosting its valuation to $12 billion, according to the Financial Times.
The round was led by Prima Materia, the investment firm co-founded by Spotify’s Daniel Ek and early tech investor Shakil Khan — both of whom doubled down on their previous commitment to Helsing. Other prominent backers include Lightspeed Ventures, Accel, Plural, General Catalyst, and SAAB, the Swedish aerospace and defense company.
Founded in 2021, Helsing specializes in artificial intelligence-powered defense software, and is expanding its capabilities into hardware — including drones, aircraft, and submarines. The company positions itself as a key player in Europe’s defense modernization strategy, especially as governments across NATO and the EU ramp up defense spending in response to growing geopolitical tensions.
This funding round underscores the increasing investor interest in dual-use and defense-related technology, especially platforms that integrate AI for real-time battlefield intelligence, command, and autonomous systems.
As Europe confronts rising security challenges, Helsing’s momentum reflects a broader shift: the return of defense and security as top-tier innovation sectors for venture and institutional capital.
