Helsing uses AI to analyze large amounts of sensor and weapon system data on the battlefield.
Pavlo Gonchar | SOPA Images | lightrocket | Getty Images
European defense technology startup Helsing said on Tuesday it raised 600 million euros ($696 million) in a new round of funding for the bumper.
The investment is led by Prima Materia, a venture capital firm founded by the company Spotify CEO Daniel Ek and early investor Shakil Khan, a pop music streaming app. EK is also the chairman of Helsing.
Existing investors Lightspeed Venture Partners, Accel, Colle Call, General Catalyst and Saab also invested money with New Investors BDT&MSD partners.
National defense and the technology behind it have become Hot zone For recent investors, in major global conflicts, including the Ukrainian war to Israel Gaza. Last week, when Israel’s war escalated further A series of air strikes against Iran.
According to one, in 2024, the European defense, security and resilience sector will reach $5.2 billion in risk funding. Recent Reports From the NATO Innovation Fund. The industry has grown 30% over the past two years, outperforming the broader venture capital market, down 45% over the same period.
Founded in 2021, Helsing sells software that uses artificial intelligence technology to analyze large amounts of sensors and weapon system data on the battlefield to inform military decisions in real time. Last year, the startup also began making its own military drone line Called HX-2.
Helsing, which operates in the UK, Germany and France, said it will use new cash to invest in Europe’s “technical sovereignty”, which refers to attempts to develop and produce key technologies, such as AI, onshore.
“As Europe rapidly strengthens its defensive capabilities to address evolving geopolitical challenges, there is a urgent need for investment in advanced technologies to ensure its strategic autonomy and security readiness,” EK said in a statement released on Tuesday.
Helsing did not disclose its new valuation after the latest round of financing, which was subject to “certain approvals.” A statement said. The company was previously worth about €5 billion in a €450 million financing led by General Catalyst last year.
