Helsing raises $1.8B at $18B valuation in defense AI boom

European defence AI company Helsing announced on Monday that it has closed a $1.8 billion Series E funding round, valuing the Munich-based firm at $18 billion and cementing its position as one of Europe's most valuable private startups.reuters+2

Record-Breaking Round

The raise, one of the largest ever completed by a European startup, was backed by Goldman Sachs The Goldman Sachs Group, Inc. ↗ 0.28% Alternatives' growth arm, Dragoneer Investment Group, and Lightspeed ↗ 0.55% Venture Partners, according to Reuters and Bloomberg. JP Morgan JPMorgan Chase & Co. ↗ 1.26% also participated in the round.aiweekly+2

The funding marks a sharp increase from Helsing's previous valuation. The company raised a €600 million Series D just over a year ago at a roughly €12 billion valuation, led by Prima Materia, the investment firm of Spotify ↗ 3.50% co-founder Daniel Ek. That round brought its total capital raised at the time to approximately $1.6 billion. With the new Series E, Helsing's cumulative funding now exceeds $3 billion.tectonicdefense+2

Drones, AI, and Ukraine

Founded in 2021 by Torsten Reil, Gundbert Scherf, and Niklas Köhler, Helsing develops AI-powered autonomous systems for military applications, including its HX-2 kamikaze drone and the Altra Recce-Strike software platform. The New York Times reported Friday on Helsing's factory operations supplying AI-powered drones to Ukraine's war effort, describing the company as illustrating "a profound shift in military" technology.research.contrary+2

Helsing operates across Munich, London, and Paris, positioning itself as a pan-European defence company focused on what it calls "technological sovereignty". Its products span AI software for fighter jets, drone swarms, electronic warfare, and underwater surveillance systems.wikipedia+2

Defence Tech Boom

The fundraise reflects accelerating investor appetite for military technology companies amid rising European defence spending. Helsing's valuation has grown rapidly from $5.4 billion at its Series C in 2024 to $18 billion today. The Stoxx Europe Aerospace and Defense Index ↗ 2.23% has reached elevated levels this year as governments across the continent increase military budgets in response to the war in Ukraine and broader geopolitical tensions.aifunding+1