Helsing, a Munich-based, defense-specializing technology company has recently made waves in the investment community. The company closed €600 million in fresh investment. The round was led by Daniel Ek, CEO of Spotify, through his investment firm, Prima Materia. This funding round saw participation from top-tier venture investors including Lightspeed Ventures, Accel, Plural, General Catalyst, and strategic investors including Saab and BDT & MSD Partners. It’s a landmark development for the four-year-old firm.
Since its founding, Helsing has achieved significant success in the defense industry. Just a little under a year ago, the company raised an eye-popping $450 million. Since then, it has increased its overall funding to €1.37 billion. Helsing’s valuation soared to €12 billion following the recent round. This jump brings it up to being one of the most valuable privately held companies in Europe.
Helsing’s efforts are primarily centered on building advanced technologies that are purpose-built for the future fight. The firm is now in the business of developing a fleet of unmanned mini submarines designed to enhance naval situational awareness. More so, it’s developing its own kamikaze-style strike drones and other aircraft that might change the course of warfare as we know it.
The $1 billion Series D round earlier this month is symptomatic of a wider phenomenon gripping Europe’s defense sector. With the world growing more dangerous and Europe’s geopolitical situation evolving, European countries are turning to strengthen their defense posture more than ever. Daniel Ek emphasized this urgency, stating, “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.”
Helsing’s innovations are a big step forward in anti-access, area denial tactics that are becoming a hallmark of modern combat. They turn combat into a dystopian version of video games, with deadly outcomes. This reorientation represents a large part of today’s defense strategies’ reliance on technology.
The significant €2 billion investment from Ek comes during a period in which European governments are changing their defense posturing and strategies. Greek Prime Minister Kyriakos Mitsotakis remarked on the changing landscape: “We’re going to spend a lot of money on defense as Europe. The defense landscape is changing, which is no longer just going to be about planes, tanks—this is all going to be much more digitally and AI driven.”
Helsing is growing like a weed. This rush is one front in a much wider defense tech boom, as billions of investment pouring into companies such as Anduril, Quantum Systems and Tekever. This influx of capital is a clear sign of recognition among the investor community and nations at large. Perhaps most important, they understand that breakthroughs in defense technology are essential for security and strategic autonomy.
Despite the excitement surrounding this latest funding round, Helsing has opted not to disclose specific details regarding how it plans to allocate the new resources. The strategic pivot on creating new cutting-edge military technologies plays directly into the urgent sense of purpose shared by many European leaders.
Eric Slesinger pointed out that European nations have historically lagged in reassessing their security arrangements. “European governments waited way too long to rethink what the arrangement on their own security meant.”