European defense technology startup Helsing has raised €600 million ($693.6 million) in a new funding round, led by Prima Materia, the investment firm co-founded by Spotify CEO Daniel Ek and early Spotify investor Shakil Khan. Ek also serves as Helsing’s chairman.
Other investors in the round include Lightspeed Venture Partners, Accel, Plural, General Catalyst, and Saab, as well as new backer BDT & MSD Partners (Helsing press release).
Founded in 2021, Helsing develops artificial intelligence software that processes battlefield data from sensors and weapons systems to deliver real-time insights to military operators. In 2024, it also launched its own HX-2 military drones (Sifted).
The company, which operates in the U.K., Germany, and France, said the fresh capital will accelerate Europe’s push for technological sovereignty — ensuring key innovations such as AI are developed and produced domestically (Helsing press release, Tech Funding News).
Defense technology has seen growing investor interest amid ongoing conflicts in Ukraine and the Middle East. Venture funding for Europe’s defense, security, and resilience sectors reached a record $5.2 billion in 2024, up 30% over two years, according to the NATO Innovation Fund. Over the same period, the wider European VC market shrank by 45%.
Helsing did not disclose its latest valuation. However, the Financial Times reported the company is now worth about €12 billion, making it one of Europe’s most valuable private tech firms. The startup was previously valued at around €5 billion after a €450 million Series C round led by General Catalyst in 2023 (Reuters, Sifted).
Several musicians and labels are quitting Spotify in protest of CEO Daniel Ek’s investment in AI-powered military tech firm Helsing. Bands like King Gizzard & the Lizard Wizard, Deerhoof, Xiu Xiu, and Hotline TNT have already removed or are removing their music, while artists such as David Bridie have publicly condemned the platform for profiting from war technology at the expense of creators. Others, including Leah Senior and the Kalahari Oyster Cult label, have joined the boycott, with some fans following suit by canceling subscriptions or moving to fairer platforms like Bandcamp. This growing exodus highlights how Spotify’s military-linked investments have intensified existing criticism of its low payouts, turning what was once seen as a “necessary evil” into what many musicians now describe as outright unacceptable (The Guardian).
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