Helsing, a Munich-based AI company, is in talks to raise funding in a Series C round led by General Catalyst that would value it at around $4 billion, making it one of the world’s most valuable defense tech startups. The funding round is expected to provide the company with at least $400 million, bringing its total funding to more than $750 million. Helsing, which has secured contracts with European militaries, previously raised over $200 million in a funding round also led by General Catalyst.
The investment in Helsing is a significant bet on the growing defense tech ecosystem, with venture investors seeking opportunities in companies that boost national security interests. Over the past five years, venture investors have poured $100 billion into companies that contract with the defense department, according to Pitchbook. Helsing, founded in 2021 by a team of engineers, tech executives, and consultants, raised initial funding from European investors before gaining traction with a Series A funding round of over $100 million backed by Spotify founder Daniel Ek’s investment firm.
Helsing’s founders, co-CEOs Torsten Reil and Gundbert Scherf, and president Niklas Köhler have been secretive about the company’s products but have focused on building a software suite to enhance military AI capabilities. The company has secured contracts with European militaries, including providing AI-powered tools for Eurofighter jet fighter pilots and AI capabilities for a multinational agreement to develop new fighter jets and drones. Helsing also signed an agreement with the Ukrainian government to provide AI capabilities for drones and UAVs.
General Catalyst, Helsing’s largest backer, has emerged as a major investor in defense tech, supporting companies like Anduril, Applied Intuition, and Vannevar Labs. The firm believes that defense spending on software will increase in the coming years, with software-enabled defense tech companies being a game-changer for governments. General Catalyst’s investment in Helsing is seen as part of a broader trend of venture investors backing companies in the defense tech sector, as ongoing conflicts and geopolitical tensions drive demand for innovative solutions in national security.
The funding round for Helsing marks a significant milestone for the company and the European defense tech industry, as it represents the largest investment in a European defense tech company to date. With the increasing focus on national security and defense capabilities, Helsing’s innovative AI technology has positioned it as a key player in the defense tech market. The company’s continued success and strategic partnerships with European militaries highlight the growing importance of AI in military operations and the potential for European companies to lead in the development of ethical and responsible AI systems.
As Helsing continues to expand its capabilities and secure contracts with additional military partners, its partnership with General Catalyst and other investors demonstrates the growing interest in defense tech companies that leverage AI and software solutions. The future of Helsing and the broader defense tech sector remains promising, with continued demand for innovative technology to address evolving threats and challenges in the national security landscape. The Series C funding round led by General Catalyst is expected to propel Helsing to new heights as it seeks to revolutionize military AI capabilities and contribute to the defense industry’s transformation in the coming years.
