European defense technology startup Helsing has raised 600 million euros (approximately $693.6 million) in a Series C funding round led by U.S. investor Coatue Management. Daniel Ek, the CEO of Spotify and chairman of Helsing, spearheaded this remarkable investment. Founded in 2021, Helsing develops software that utilizes artificial intelligence to analyze extensive data from sensors and weapons systems on the battlefield, providing real-time insights for military decision-making. The intent of this massive investment is to strengthen Europe’s sovereignty in defense-related technology.

Helsing also works with the U.K., Germany and France. In doing so last year, the company successfully launched the manufacturing of its own line of military drones, named HX-2. That new capital will go towards bolstering Europe’s “technological sovereignty.” This $50 billion initiative aims to onshore the development and production of a broad range of critical technologies—AI included.

Just last year, the company raised a round of 450 million euros, which valued it at close to 5 billion euros. This funding round was co-led by General Catalyst. The current $473 million funding round is still contingent on “certain approvals.”

As Europe rapidly strengthens its defence capabilities in response to evolving geopolitical challenges, there is an urgent need for investments in advanced technologies that ensure its strategic autonomy and security readiness. - Daniel Ek

That sector in Helsing has experienced phenomenal growth. As a result, it has consistently beat the broader venture capital market, including a 30% increase over the last two years. In 2024, venture funding in Europe's defense, security, and resilience sector, where Helsing operates, reached a record high of $5.2 billion.