Spotify's Daniel Ek leads $694 million investment in defense startup Helsing

Helsing, a European startup focused on defense technology, announced on Tuesday that it has successfully secured 600 million euros (approximately $693.6 million) in a significant funding round. This investment was spearheaded by Prima Materia, a venture capital firm established by Daniel Ek, the CEO of Spotify, alongside Shakil Khan, an early backer of the music streaming giant. Ek also serves as the chairman of Helsing. The funding round saw participation from notable existing investors, including Lightspeed Venture Partners, Accel, Plural, General Catalyst, and Saab, as well as new contributors like BDT & MSD Partners. The interest in defense technology from investors has surged recently, particularly in light of ongoing global conflicts, such as the war in Ukraine and the recent escalations in the Middle East, where Israel has conducted airstrikes against Iran. According to a recent report from the NATO Innovation Fund, venture capital investment in Europe's defense, security, and resilience sector reached a record high of $5.2 billion in 2024, marking a 30% increase over the past two years. This growth contrasts sharply with a 45% decline in the broader venture capital market during the same period. Founded in 2021, Helsing specializes in artificial intelligence-driven software that processes extensive battlefield data from sensors and weapon systems, aiding military decision-making in real-time. The startup has also ventured into the production of military drones, introducing its HX-2 line last year. Operating across the U.K., Germany, and France, Helsing intends to utilize the new funding to bolster Europe's technological independence, especially in critical areas like AI development. Daniel Ek emphasized the urgency of investing in advanced technologies to enhance Europe’s defense capabilities in light of evolving geopolitical threats. He noted that there is an increasing need for strategic autonomy and security readiness within the continent's defense framework. While Helsing has not revealed its updated valuation following this financing round, it was previously valued at approximately 5 billion euros after a 450 million euro investment round led by General Catalyst last year.