A "Defense AI" Startup Backed by Spotify Founder Daniel Ek Reaches New Milestones
In a significant development, Helsing, a "defense AI" startup backed by Spotify founder Daniel Ek, has secured an additional €209 million ($223 million) in a Series B funding round led by General Catalyst. This investment further solidifies Helsing’s position as a leading player in the European AI market and cements its status as one of the largest defense tech unicorns.
A Strategic Partnership with Saab: Deepening Ties with Swedish Heavy Industry
Swedish heavy industry and defense group Saab is joining Helsing as a strategic investor, deepening what was previously an existing partnership. This collaboration underscores the importance of AI in modern warfare and national security, particularly for liberal democracies seeking to enhance their capabilities.
A Vote of Confidence in Europe: General Catalyst’s Commitment
Torsten Reil, co-founder of Helsing, described this funding round as a "vote of confidence in Europe." He emphasized that General Catalyst’s commitment to global and European resilience aligns perfectly with Helsing’s mission to protect democracies through the effective use of AI.
A Pre-Money Valuation of €1.5 Billion: A New Benchmark for European AI Companies
The pre-money valuation for Helsing was reported to be €1.5 billion, while the post-money figure exceeds €1.7 billion. This significant valuation underscores the company’s growth and potential in the rapidly evolving landscape of defense tech.
Ek’s Pledge: €1 Billion towards Deep Tech "Moonshot" Projects
Spotify founder Daniel Ek had previously pledged to invest €1 billion ($1.2 billion) of his personal fortune into deep tech "moonshot projects." This commitment has now borne fruit, with Helsing being a prime beneficiary of this investment.
Expanding Reach: Helsing’s Presence in Europe and Ukraine
Helsing has expanded its reach across Europe by working closely with governments. In June, the German government selected Helsing and Saab to provide AI-enabled electronic warfare capabilities for the Eurofighter jet fighter. Furthermore, Helsing and its consortium partners won a contract to provide the AI backbone for the Future Combat Air System (FCAS) program.
A Commitment to Ukraine: AI-Enabled Defense Solutions
Helsing has also been actively engaged in Ukraine since 2022, providing AI-enabled defense solutions to support the country’s efforts. This commitment underscores the company’s dedication to using its technology for good and supporting those in need.
Ek’s Reaffirmation of Helsing as a Leader in European AI
Daniel Ek, co-chairman of Helsing, reaffirmed the company’s position as the primary AI platform partner out of Europe. He emphasized that this investment from General Catalyst and strategic partnership with Saab Defence reinforce Helsing’s status as a leader in the European AI market.
The Future of Defense Tech: AI-Enabled Solutions
The intersection of AI and defense tech is an increasingly critical area of research and development. As governments and industries look to enhance their capabilities, companies like Helsing are at the forefront of this movement. With its cutting-edge technology and commitment to protecting democracies, Helsing is poised to play a significant role in shaping the future of defense tech.
Conclusion
Helsing’s Series B funding round led by General Catalyst marks a significant milestone for the company. This investment not only solidifies its position as one of the largest European AI companies but also underscores its commitment to using AI-enabled solutions for good. As the landscape of defense tech continues to evolve, Helsing is well-positioned to lead the charge and drive innovation in this critical area.
