Munich-based defence tech startup Helsing has raised €600mn as geopolitical tensions set off a flood of capital into AI warfare.
The big funding was led by Spotify CEO Daniel Ek’s VC agency Prima Materia. It brings the corporate’s whole raised to north of €1.3bn, constructing on a €450mn funding spherical in July final yr.
Helsing didn’t disclose its up to date valuation. Nonetheless, in accordance with the Monetary Instances, the unicorn firm is now value €12bn, making it certainly one of Europe’s 5 most precious personal tech corporations.
Prima Materia was certainly one of Helsing’s earliest backers — a transfer that sparked boycotts amongst artists on Spotify, who feared their use of the platform was serving to to fund conflict. That backlash clearly hasn’t deterred Ek, although, who stated Helsing’s know-how ensures “strategic autonomy” for Europe.
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“By doubling down on our funding, Prima Materia reaffirms its dedication to empowering Europe’s technological sovereignty — an ambition Helsing completely embodies,” stated Ek.
Based in 2021, Helsing has developed an autonomous strike drone now in use by a number of European militaries, together with Ukraine’s. The corporate additionally lately unveiled plans for a fleet of autonomous reconnaissance submarines, and final week efficiently used its self-driving system to pilot a Saab fighter jet.
Helsing is using a defence funding increase as conflict in Ukraine and rising safety issues push European governments to double down on army spending and discover AI applied sciences for warfare.
In keeping with a brand new report from McKinsey, funding in European defence tech startups rose by over 500% between 2021 and 2024 in comparison with the earlier three years.
Whereas Helsing is presently Europe’s most precious defence tech startup, many different corporations are experiencing rising demand for his or her applied sciences.
In Could, German dual-use drone maker Quantum Programs raised €160mn at a valuation north of €1bn, shortly after Portuguese drone startup Tekever additionally reached the coveted unicorn standing.
ARX Robotics, one other Munich-based firm, lately raised €31mn to develop its fleet of autonomous land drones, shortly after asserting its plans to take a position £45mn right into a new UK manufacturing facility.
Kate Leaman, chief market analyst at on-line dealer AvaTrade, beforehand advised TNW that army tech corporations have “large potential” for progress — notably these with AI-driven options.
“We’re already seeing a shake-up within the defence sector, with AI-focused gamers like Palantir outperforming extra conventional defence giants,” Leaman stated. “This implies that cutting-edge, tech-centric corporations might probably seize a sizeable share of the market.”
