Defense Unicorn Helsing Secures €600 Million in Funding, Led by Daniel Ek’s Prima Materia
Stockholm billionaire and Spotify CEO Daniel Ek has recently led a €600 million investment in Helsing, a four-year-old defense technology company based in Munich, which is now valued at €12 billion. The transaction positions Helsing as one of Europe’s most valuable privately held companies and underscores Europe's efforts to bolster its military capabilities amidst growing global instability and increasing American isolationism.
Financial indicators reflect this trend. Helsing secured $450 million nearly a year ago, and it has returned with an even larger round led by Ek's investment firm, Prima Materia. This development is part of a broader surge in defense technology investments, evident from significant funding being directed toward companies such as the U.S. giant Anduril, which recently raised $2.5 billion led by Founders Fund, and European drone manufacturers Quantum Systems and Tekever, which have announced rounds of €160 million and €70 million, respectively, achieving unicorn status. Helsing has chosen not to disclose further details regarding the utilization of the new funds.
Founded in 2021 by Torsten Reil, Dr. Gundbert Scherf, and Niklas Kohler, Helsing’s software is designed to interpret live battlefield data in real time. Helsing’s core product integrates inputs from multiple sensors, drones, and surveillance systems, processing extensive amounts of data utilizing AI to generate intuitive, real-time battlefield visualizations that assist commanders in making faster and more accurate decisions.
While initially focused on AI software, in 2024, Helsing expanded into hardware with the launch of its HX-2 drone system, marking a step forward in all-domain defense- a concept that merges AI, cyber, air, land, sea, and space systems into one coordinated ecosystem. Helsing has since expanded its ambitions to include not only the development of strike drones, but also aircraft and a fleet of unmanned mini submarines for enhanced naval surveillance.
The timing of these advancements is significant. European governments had delayed reconsidering their security arrangements until Russia's invasion of Ukraine highlighted the necessity of self-reliance over dependence on U.S. protection. The election of President Donald Trump, who prioritizes American interests, has further underscored the need for Europe to invest heavily in defense and achieve strategic autonomy.
This realization contributed to the establishment of the NATO Innovation Fund, the first multi-sovereign venture capital fund backed by 24 NATO allies, among other initiatives indicating Europe's commitment to developing its defense technology ecosystem.
Ek, who made his initial investment in Helsing in 2021 before the Ukraine conflict began, appears to have foreseen the trajectory of geopolitical developments. In a press release on Monday concerning Helsing’s recent funding, Ek stated: "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."
Other participants in Helsing’s latest funding round include previous investors Lightspeed Ventures, Accel, Plural, General Catalyst, and Saab, along with new investors BDT & MSD Partners. The company has now raised a total of €1.37 billion to date.
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