Helsing, the European startup specializing in artificial intelligence for defense applications, has raised €209 million in a Series B funding round.
This funding round, which included a €75 million investment from the Swedish company Saab, along with backing from the American venture capital firm General Catalyst, has propelled Helsing's valuation to €1.5 billion.
Helsing's core focus lies in the development of real-time embedded AI systems tailored for defense operations. Founded in 2021, Helsing has over 220 employees spread across offices in Paris, London, and Munich.
Helsing is forging partnerships with major European defense companies. Notably, Helsing joined forces with Saab in June 2023 to provide AI-based electronic warfare capabilities for the Eurofighter combat aircraft, a collaborative project involving BAE Systems, Airbus, and Leonardo.
In August 2023, Helsing secured a contract for developing AI infrastructure for the Future Combat Air System (FCAS) in Germany.
Helsing stated in a press release that it has been active in Ukraine since 2022, providing capabilities and technology for frontline operations, with personnel deployed on an ongoing basis.
Helsing's board of directors includes General Denis Mercier, the former Chief of Staff of the French Air Force and Supreme Allied Commander Transformation at NATO.
This new funding round follows a previous Series A (€102.5m) led by Prima Materia, an investment company founded by Daniel Ek, co-founder, and CEO of Spotify. Helsing intends to use the new capital to further grow its businesses in France, Germany, and the UK and deepen its investments in its core technology initiatives.