Helsing, the Defense AI Startup, Sets a New European Record with $223M Series B Funding Round

Helsing, a "Defense AI" startup backed by Spotify founder Daniel Ek, has successfully secured €209 million ($223 million) in a Series B funding round led by General Catalyst. This new investment follows the company’s previous raise of €102.5 million and marks a significant milestone, with Swedish defense and heavy industry giant Saab coming on board as a strategic investor, which strengthens their existing partnership.

This funding positions Helsing to potentially become the largest AI company in Europe and the continent's foremost defense tech unicorn. In comparison, France’s Mistral AI raised $113 million in a seed round earlier this year, achieving a $260 million valuation. Helsing’s pre-money valuation stood at €1.5 billion, but with this latest funding, it now exceeds €1.7 billion.

In 2021, we reported on Ek’s commitment to allocate €1 billion ($1.2 billion) from his personal wealth towards funding deep tech “moonshot projects.” He backed Helsing with €100 million through his investment firm, Prima Materia. The company’s AI platform aims to enhance defense and national security for liberal democracies by improving operational efficiency through real-time data utilization.

Helsing has expanded its presence across Europe by partnering with various governments. Recently, the German government selected Helsing and Saab to provide AI-driven electronic warfare capabilities for the Eurofighter jet. Furthermore, this month, Helsing and its consortium were awarded the contract to develop the AI infrastructure for the Future Combat Air System (FCAS) program. Since 2022, the company has also been involved in Ukraine's defense efforts.

“This funding round reflects strong confidence in Europe,” stated Torsten Reil, co-founder of Helsing. “General Catalyst’s commitment to global and European resilience aligns perfectly with our mission to safeguard our democracies.” Fellow co-founder Gundbert Scherf noted, “We founded Helsing with the conviction that AI is essential for democracies to uphold their values. Our recent achievements demonstrate that this belief resonates with both governments and the industry.”

Helsing's earlier Series A funding of €102.5 million was led by Prima Materia. Ek, who serves as co-chairman of Helsing, remarked, “This investment from General Catalyst and our strategic partnership with Saab Defence reaffirm Helsing’s status as the leading AI platform partner in Europe.”