Swedish ‘Defence AI’ startup, Helsing, has secured a remarkable €209 million ($223 million) in a Series B funding round led by General Catalyst, with participation from strategic investor Saab. This round of funding allows Helsing to potentially take the mantle as Europe’s largest AI company and the continent’s largest defence tech unicorn. The investment follows an initial €102.5 million raised previously, backed by Spotify founder Daniel Ek.
Key Takeaway
Helsing, a ‘Defence AI’ startup, has raised a record-breaking $223 million in a Series B funding round led by General Catalyst, positioning itself to become Europe’s largest AI company and defence tech unicorn. The funds will support Helsing’s mission to enhance the capabilities of liberal democracies in protecting their values through the application of AI in defence and national security.
Further Expansion and Strengthening Partnerships
Building on its successful collaboration with governments in Europe, Helsing has steadily expanded its reach. In June of this year, the German government selected Helsing and Saab for an AI-enabled electronic warfare project involving the Eurofighter jet fighter. Additionally, Helsing and its consortium partners recently secured a contract to provide the AI backbone for the Future Combat Air System (FCAS) programme. The company has also been actively involved in Ukraine since 2022, demonstrating its commitment to global security.
AI for Enhanced Defence and National Security
Helsing’s AI platform leverages live data to enhance defence and national security, particularly for liberal democracies. By making these systems more efficient, Helsing aims to boost the capabilities of liberal democracies in safeguarding their values. The funding secured in this round serves as a vote of confidence in Europe and highlights General Catalyst’s dedication to global and European resilience, aligning perfectly with Helsing’s mission.
Record-breaking Valuation and Acknowledgement from Founders
The pre-money valuation for Helsing was reportedly €1.5 billion, with the latest funding round pushing it to over €1.7 billion. Speaking about the achievement, Torsten Reil, co-founder of Helsing, expressed his enthusiasm, stating, “This funding round is a vote of confidence in Europe.” Co-founder Gundbert Scherf added, “Our recent traction shows that this belief is shared by governments and industry.” Helsing’s co-chairman, Daniel Ek, affirmed the significance of the investment, remarking that the support from General Catalyst and the strategic partnership with Saab Defence solidifies Helsing’s position as Europe’s primary AI platform partner.
