Startup Helsing revolutionizes defensive AI in Europe with a record $223 million Series B funding round!

Helsing raises 209 million euros to become Europe's largest AI company

Helsing, a defensive AI start-up backed by Spotify founder Daniel Ek, which previously raised €102.5 million, today announced a further €209 million ($223 million) in a Series B funding round led by General Catalyst. Swedish heavy industry and defense group Saab joins as a strategic investor, deepening an existing partnership.

A potential European unicorn in defensive tech

This investment could potentially make Helsing Europe's largest AI company and also Europe's largest defensive tech unicorn. In June, Mistral AI in France raised $113 million in a seed funding round, valuing the company at $260 million. The pre-investment valuation for Helsing was 1.5 billion euros, but is now said to be over 1.7 billion euros.

Supported by Daniel Ek and Prima Materia

It was in 2021 that we reported how Daniel Ek was making good on his promise to devote 1 billion euros of his personal fortune to funding "crazy projects" in deep tech, using Prima Materia, his investment company, to back Helsing with 100 million euros. His AI platform claims to be able to strengthen defense and national security, particularly for liberal democracies, by making them more effective through the use of real-time data.

Partnerships with European governments

To date, Helsing has expanded in Europe by working closely with governments. In June this year, the German government selected Helsing and Saab to provide AI-based electronic warfare capabilities for the Eurofighter fighter. And this month, Helsing and its consortium partners won the contract to supply the AI infrastructure for the Future Combat Air System (FCAS) program.

A presence in Ukraine

As planned, the company has also been active in Ukraine since 2022.

A vote of confidence for Europe

"This funding round is a vote of confidence in Europe," said Helsing co-founder Torsten Reil in a statement. "General Catalyst's commitment to global and European resilience fits perfectly with our mission to help protect our democracies."

"We founded Helsing because we believe that AI will be essential if democracies are to continue to defend their values. Our recent progress shows that this belief is shared by governments and industry alike," added Helsing co-founder Gundbert Scherf.

Support from General Catalyst and Saab Defence

Helsing's previous funding round (102.5 million euros) was led by Prima Materia. Daniel Ek, co-chairman of Helsing, said, "This investment from General Catalyst and the investment and strategic partnership with Saab Defence confirm Helsing as the leading AI platform partner in Europe."