Munich-based AI company, Helsing, is reportedly in talks to raise a funding round led by General Catalyst that could value the company at around $4 billion. The funding round, expected to be a Series C round, would provide Helsing with at least $400 million, bringing its total funding to over $750 million. This would make Helsing one of the most valuable defense tech startups in the world, with contracts secured with European militaries.
The funding round for Helsing highlights the growing interest and investment in the defense tech ecosystem, particularly in Europe. With increasing tensions and conflicts around the world, venture investors are looking to support companies that can enhance national security interests. Over the past five years, $100 billion has been invested in companies that contract with the defense department, according to Pitchbook. Helsing, founded in 2021, has already received significant support from investors and has made strides in the defense tech space.
Founded by a team of engineers, tech executives, and consultants, Helsing initially raised around $2 million from European investors. However, a significant turning point for the company came when Spotify founder Daniel Ek’s investment firm backed the company’s Series A funding round with over $100 million. The company’s focus on building ethical, transparent, and responsible AI systems has garnered attention and support from investors, contributing to its success and growth.
Helsing’s founders, co-CEOs Torsten Reil and Gundbert Scherf, along with president Niklas Köhler, have been secretive about the specifics of the company’s offerings. Unlike other major defense startups that focus on hardware and weapons, Helsing is primarily focused on developing a software suite to enhance military AI capabilities. The company has secured contracts with European militaries for various AI-powered tools, including assisting jet fighter pilots and developing AI capabilities for drones and UAVs.
General Catalyst, Helsing’s largest backer, has established itself as a key investor in defense tech companies, including unicorns like Anduril and Applied Intuition, as well as the secretive AI company Vannevar Labs. The firm’s “Global Resilience” fund, led by veteran investor Paul Kwan, aims to support companies selling to the military and believes that defense spending on software will increase significantly over the next decade. General Catalyst sees software-enabled defense tech companies as a game-changer for governments and is committed to supporting companies like Helsing in the defense tech space.
