Helsing Breaks Record for European AI Funding with $223M Series B Round

A Major Boost for European Defense Tech

In a significant move for the European tech industry, Helsing, a defense AI startup backed by Spotify founder Daniel Ek, has secured an additional €209 million ($223 million) in its Series B funding round. This investment was led by General Catalyst and saw Swedish heavy industry and defense group Saab join as a strategic investor, deepening their existing partnership.

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A Record-Breaking Investment

This funding round brings Helsing’s total valuation to over €1.7 billion, making it one of the largest European tech unicorns. The pre-money valuation was reportedly €1.5 billion, with the post-money valuation exceeding €1.7 billion. This investment is a testament to Helsing’s growth and potential in the defense AI space.

Ek’s Commitment to Deep Tech

This latest funding round marks the continuation of Ek’s pledge to invest $1.2 billion from his personal fortune into deep tech "moonshot projects" through his investment company, Prima Materia. In 2021, Helsing received €100 million in funding from Prima Materia, which has since grown significantly.

Helsing’s AI Platform

Helsing’s AI platform is designed to enhance defense and national security capabilities for liberal democracies by making them more efficient using live data. The company claims that its technology can boost the effectiveness of defense systems and improve decision-making processes.

Expansion in Europe

To date, Helsing has expanded its presence in Europe through close collaboration with governments. In June this year, the German government selected Helsing and Saab to provide AI-enabled electronic warfare capabilities for the Eurofighter jet fighter. More recently, Helsing won a contract to provide the AI backbone for the Future Combat Air System (FCAS) program.

Support from General Catalyst

General Catalyst’s commitment to global and European resilience is seen as a perfect fit with Helsing’s mission to protect democracies using AI. Torsten Reil, co-founder of Helsing, stated that this funding round is "a vote of confidence in Europe."

A Strategic Partnership with Saab

Saab’s investment in Helsing marks a significant development in their existing partnership. Gundbert Scherf, co-founder of Helsing, added that the company’s recent traction shows that its belief in AI’s importance for democracies is shared by governments and industry.

Ek’s Statement on the Investment

Daniel Ek, co-chairman of Helsing, said: "This investment from General Catalyst and investment and strategic partnership with Saab Defence reaffirms Helsing as the primary AI platform partner out of Europe."

Conclusion

Helsing’s €209 million Series B funding round is a significant milestone for the European tech industry. With this investment, Helsing is poised to become one of the largest European AI companies, further solidifying its position in the defense tech space.