Defence AI startup Helsing Secures a $223M Series B
A new investment round has been announced for Helsing, a startup that specializes in Defense AI. This funding round, led by General Catalyst, has raised €209 million ($223 million), bringing the total amount raised to €102.5 million. Swedish company Saab, a previous partner, is also a strategic investor. The startup is well-positioned to continue its growth in the industry.
Helsing has the potential to become the most prominent European AI company and defense tech unicorn with its latest investment. Mistral AI from France previously raised $113 million in seed funding at a $260 million valuation in June. Helsing’s pre-money valuation was estimated to be €1.5 billion, but the post-money value is now expected to exceed €1.7 billion.
In 2021, Ek fulfilled his promise to invest €1 billion ($1.2 billion) of his wealth in deep tech “moonshot projects.” Prima Materia, his investment firm, provided €100 million in funding for Helsing, whose AI platform aims to improve the efficiency of liberal democracies’ defense and national security by utilizing real-time data.
Helsing has expanded its reach in Europe by forging close ties with governments. Recently, the German government chose Helsing and Saab to deliver AI-assisted electronic warfare capabilities for the Eurofighter jet fighter. Moreover, this month, Helsing and its consortium partners have been awarded the contract to provide the AI backbone for the Future Combat Air System (FCAS) program.
The company has also – not unexpectedly – been active in Ukraine since 2022.
In a statement, Torsten Reil, co-founder of Helsing, expressed his belief that this funding round is a show of support for Europe. He also stated that General Catalyst’s dedication to worldwide and European resilience aligns perfectly with their mission to safeguard democracies.
At Helsing, we believe that AI will play a crucial role in safeguarding the values of democracies. Our recent progress has indicated that governments and industry leaders also share this belief,” stated Gundbert Scherf, one of our co-founders.
Prima Materia led our previous Series A funding round, which raised €102.5 million. Helsing’s co-chairman, Ek, expressed his satisfaction with General Catalyst’s investment and strategic partnership with Saab Defence, which further cements our position as Europe’s primary AI platform partner.