€1 billion raised in three years: HELSING embodies a new generation of European defence companies
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Munich-based startup Helsing, which specialises in artificial intelligence for defence, has reached a new strategic milestone. Its €600 million Series D, led by Prima Materia, takes its total funding since its 2021 founding to around €1.15 billion.
The round brings together Accel, Lightspeed Ventures, Plural, General Catalyst, SAAB and new investor BDT & MSD Partners. It comes less than a year after a €450 million Series C completed in July 2024, itself preceded by an initial €209 million round in 2023 and €102.5 million in 2021.
European geopolitical and strategic context
Russia’s invasion of Ukraine in 2022 turned technology—autonomous drones, electronic warfare and AI-based intelligence systems—into a central issue in contemporary conflicts. NATO has made AI and autonomy priority technologies in its 2030 strategy, while European defence budgets are rising sharply. Germany’s €100 billion Sondervermögen special fund, France, the United Kingdom, Poland and Sweden have all strengthened their military efforts.
The United States and China are investing heavily in military AI, through programmes such as JAIC and companies such as Palantir in the United States, as well as China’s “intelligentised warfare” doctrine. This is pushing the European Union to intensify initiatives including the European Defence Fund, PESCO and EDIRPA in an effort to foster a sovereign deeptech ecosystem.
Helsing: European all-domain AI
Founded by Gundbert Scherf, Niklas Köhler and Torsten Reil, Helsing develops AI software systems able to analyse and coordinate operations across land, sea, air, cyber and space—an approach known as “all-domain”.
The company positions itself as a Europe-based alternative to US platforms, with modular, interoperable software designed not to depend on non-European suppliers.
A deeptech company built around AI
Internationally, Palantir, Anduril and Shield AI embody the rise of US military AI. In Europe, several companies stand out. Preligens, acquired by Safran for €220 million and renamed Safran.AI, develops algorithms for satellite imagery and full-motion-video analysis. Hensoldt, meanwhile, builds on electronic-sensor capabilities.
Helsing stands apart through its software-native model, built around AI from the outset.
Prima Materia and Daniel Ek’s driving role
Founded in 2021 by Daniel Ek, Prima Materia is positioned as a fund backing strategic technology moonshots for Europe. As Helsing’s lead investor and chair of its board, Daniel Ek said: “Helsing is uniquely positioned, through its leadership in AI, to provide critical capabilities… We fully support European technological sovereignty, an ambition that Helsing embodies.”
The reshaping of European defence tech
Helsing illustrates a broader reshaping of the sector, as deeptech and defence converge. Accel, Lightspeed, General Catalyst and SAAB—a longstanding industrial investor—have participated in successive rounds, signalling a closer alignment between investment logic and security priorities.
The next challenge: industrialisation, certification and integration
With more than €1 billion raised, Helsing must now demonstrate its ability to scale. The main challenges lie in industrialising its software solutions, securing military certifications and integrating its products into existing command-and-control systems.
