European AI defense startup Helsing raises $694 million in funding led by Spotify founder Daniel Ek

Helsing, a Munich, Germany-based AI defense tech startup, has secured €600 million ($693.6 million) in fresh funding, making it one of the largest rounds for a company in this sector.

The round was led by Prima Materia, the investment firm co-founded by Spotify CEO Daniel Ek, who also chairs Helsing. Ek’s longtime collaborator and early Spotify backer Shakil Khan is also a co-founder of Prima Materia. Existing investors—Lightspeed Venture Partners, Accel, Plural, General Catalyst, and Swedish defense giant Saab—reupped their support. New capital came in from BDT & MSD Partners.

The company hasn’t shared its updated valuation, and the round is still pending some regulatory approvals. Helsing was last valued at around €5 billion during its 2023 raise, which brought in €450 million led by General Catalyst.

Unlike traditional defense contractors, Helsing is building a new kind of defense company, one that delivers precision at scale and autonomous capabilities to help democracies deter threats and defend themselves.

Interest in defense tech has seen a major surge as geopolitical tensions continue to grow, from the ongoing war in Ukraine to the Israel-Gaza conflict. Recently, U.S.-based Anduril raised $2.5 billion at a $28 billion valuation, signaling the aggressive backing of investors for new players challenging the dominance of legacy defense contractors like Lockheed Martin and Raytheon.

In Europe, funding for defense, security, and resilience startups reached a record $5.2 billion in 2024, according to the NATO Innovation Fund. While most of the VC market has taken a hit, shrinking 45%, this sector grew 30% in just two years, CNBC reported

Founded in 2021 by Torsten Reil, Dr. Gundbert Scherf, and Niklas Kohler, Helsing develops AI-powered software that interprets data from sensors and weapons systems to help military operators make real-time battlefield decisions. The company expanded into hardware last year with the launch of its HX-2 drones.

Operating across the U.K., Germany, and France, Helsing says it will use the new funds to double down on developing critical tech within Europe—part of a wider push for “technological sovereignty,” or the idea of reducing reliance on foreign tech providers.

“As Europe rapidly strengthens its defence 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 on Tuesday.