Swedish entrepreneur Daniel Ek successionTurbulent tech tycoon Lukas Matsson – in recent years his attention and huge wealth have shifted to the emerging European Ministry of Defense. His latest move: Leading 600 million euros ($690 million) in funding, one of Europe’s most promising defense technology startups.
The startup announced yesterday (June 17) that EK’s investment company Prima Materia will lead Helsing’s D-series round. Funding also includes participation from major investors such as Lightspeed Venture Partners, General Catalyst, Accel and Swedish Aerospace and Defense Company Saab. The round is worth about 12 billion euros ($13.8 billion) to the Munich-based startup.
Helsing, which developed advanced AI-driven hardware for military applications, has attracted increasing attention from investors amid rising geopolitical tensions, especially after Russia’s invasion of Ukraine. Last year, the company raised 450 million euros ($518 million) in the C Series competition. In 2021, EK’s Prima Materia provides an initial investment of 100 million euros ($115 million).
“As Europe rapidly strengthens its defensive capabilities to address evolving geopolitical challenges, investment in advanced technologies is urgently needed to ensure its strategic autonomy and security readiness,” Eker said in a statement.
EK co-founded Prima Materia in 2020 with early Spotify investor Shakil Khan. At the time, he promised an ambitious European project over the next decade to estimate the 1 billion euros ($1.15 billion) of his personal wealth to $10 billion. Prima Materia’s other investments include Epitna, a long-lived startup that aims to expand the life span of humans and pets, and Neko Health and Neko Health are a full-body scanning health technology joint venture, which EK has also co-founded.
Helsin in Russia-Ukrainian War
Helsing was founded in 2021 by game developer Torsten Reil, former German defense official Gundbert Scherf and AI researcher Niklas Köhler. The company first developed AI software that facilitates military decision-making with real-time data and insights – a technology that Ukrainian forces have deployed since the Russian invasion in 2022. Recently, Helsing has expanded to manufacturing military hardware, including drones, submarines and aircraft.
Helsin is not alone in the booming field of defense technology. The U.S.-based Anduril and Applient Intuition, both establish autonomous systems for military use, recently raised $2.5 billion and $600 million respectively. These rounds are estimated to be $30.5 billion and have applied for intuition for $15 billion. In March, drone maker Shield AI received a valuation of $5.3 billion.
Global venture capital has surged in benefits for defense technology. Startups in the industry raised $3 billion in 102 deals in 2024, an increase of 11% from the previous year, according to Crunchbase. Helsing and Anduril lead with the biggest funding round.
Helsin “the only unique location that can provide AI capabilities in all-domain defense innovation”, Ek said. “By doubling our investments, Prima Materia reaffirms its commitment to empowering European technological sovereignty, a perfectly embodied ambition.”
