Defense AI startup Helsing has secured €450 million ($487 million) in a Series C funding round led by General Catalyst. The company’s focus now shifts to expanding its presence in European countries neighboring Russia, aligning with NATO’s annual summit in Washington, D.C., where the Russian invasion of Ukraine holds prominence.
Helsing’s strategy involves establishing a new entity in Estonia and allocating €70 million towards Baltic defense projects over the next three years, in addition to its current hubs in Munich, London, and Paris. The company plans to utilize the new funding to enhance its AI capabilities and grow beyond its current team of 300 employees.
Specializing in AI software for defense systems, Helsing aims to enhance weapons capabilities in drones and jet fighters while improving decision-making on the battlefield.
Co-CEO Gundbert Scherf emphasized the importance of technology in Ukraine’s defense against Russian aggression, driving Helsing’s commitment to leveraging AI to safeguard democracies.
In response to the escalating security concerns in Europe, Helsing’s move into Estonia was well-received by Prime Minister Kaja Kallas, who stressed the need for proactive defense measures.
CEO Torsten Reil highlighted the urgency to bridge defense capability gaps and strengthen European security against potential threats, underscoring the critical role Helsing plays in safeguarding democracies.
Helsing’s focus on AI-centric defense solutions has garnered significant partnerships with industry giants like Airbus SE and defense ministries in Germany and Ukraine, solidifying its position as a key player in the defense technology sector.
The company’s latest funding round positions it with an estimated valuation of €4.95 billion ($5.4 billion), reflecting the confidence investors have in Helsing’s growth trajectory in the evolving defense landscape.
Amid escalating geopolitical tensions and increased defense spending in the West, Helsing’s latest funding round showcases the growing interest in defense tech startups and the critical role they play in addressing evolving security challenges.
While few European defense startups have achieved the scale of Helsing, the company’s success underscores the growing potential in the defense technology sector, fueled by rising defense budgets and investor interest.
With a total funding of €769 million to date, Helsing has attracted investments from notable figures like Spotify founder Daniel Ek, further bolstering its position in the defense technology market alongside strategic partners.
General Catalyst’s Managing Director for Europe expressed confidence in Helsing’s trajectory, emphasizing the company’s vital role in addressing security challenges on European soil.
