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

European defence exertion startup Helsing connected Tuesday said that it's raised 600 cardinal euros ($693.6 million) in a bumper caller circular of funding.

The concern was led by Prima Materia, the task superior steadfast founded by Spotify CEO Daniel Ek and by Shakil Khan, an aboriginal capitalist successful the fashionable euphony streaming app. Ek is besides president of Helsing.

Existing investors Lightspeed Venture Partners, Accel, Plural, General Catalyst and Saab besides enactment wealth in, alongside caller investors BDT & MSD Partners.

Defense and the exertion down it person go a hot area for investors lately, amid large planetary conflicts, including the Ukraine warfare to Israel-Gaza. Last week saw a further escalation of warfare successful the Middle East arsenic Israel launched a bid of airstrikes against Iran.

In 2024, task backing successful Europe's defense, information and resilience assemblage reached an all-time precocious of $5.2 billion, according to a recent report from the NATO Innovation Fund. The assemblage grew 30% successful the past 2 years, outperforming the broader VC market, which saw a 45% diminution implicit the aforesaid period.

Founded successful 2021, Helsing sells bundle that uses artificial quality exertion to analyse ample amounts of sensor and weapons strategy information from the battlefield to pass subject decisions successful existent time. Last year, the startup besides began manufacturing its ain enactment of subject drones, called HX-2.

Helsing, which operates successful the U.K., Germany and France, said it would usage the caller currency to put successful Europe's "technological sovereignty" — which refers to attempts to onshore the improvement and accumulation of captious technologies, specified arsenic AI.

“As Europe rapidly strengthens its defence capabilities successful effect to evolving geopolitical challenges, determination is an urgent request for investments successful precocious technologies that guarantee its strategical autonomy and information readiness," Ek said successful a connection retired Tuesday.

Helsing did not disclose its caller valuation pursuing the latest financing round, which is taxable to "certain approvals," according to a statement. The steadfast was antecedently valued astatine astir 5 cardinal euros successful a 450 cardinal euro backing circular led by General Catalyst past year.