European “Defense AI” startup, Helsing, has secured €209 million ($223 million) in a Series B funding round. Spearheaded by General Catalyst, this recent influx of capital could position Helsing as Europe’s leading AI entity, overshadowing France’s Mistral AI, which earlier garnered $113 million in its seed round.
In a financial context, Mistral AI’s seed funding was valued at $260 million. The pre-investment evaluation for Helsing stood at a commendable €1.5 billion. Post-investment calculations estimate the company’s worth to be above €1.7 billion, enhancing its status within the European tech spectrum.
Ek’s continued support and partnership expansion
In 2021, Spotify founder Daniel Ek pledged a hefty €1 billion ($1.2 billion) of his wealth to foster deep tech initiatives. Through Prima Materia, his investment venture, Ek endorsed Helsing with €100 million. Such backing has allowed Helsing’s AI platform to optimise defence and fortify national security for liberal democracies, drawing insights from real-time data.
Furthermore, Helsing, in partnership with Swedish defence and industry heavyweight, Saab, has reinforced their collaborative endeavours. Previously an existing alliance, Saab’s recent strategic investment in the startup has further solidified their association.
Helsing’s European foray and Ukrainian activities
As Helsing makes strides, its influence within Europe is evident. By forming alliances with governments, it’s no surprise that in June, the German government favoured Helsing and Saab to equip the Eurofighter jet fighter with advanced AI-backed electronic warfare competencies, amongst other new products announcements. In the same breath, Helsing, alongside its consortium affiliates, recently clinched the contract for the AI infrastructure of the Future Combat Air System (FCAS) project. Also unsurprisingly, since 2022, Helsing has been engaged in Ukraine.
Statements from the co-founders
Reflecting on the recent funding achievement, Helsing’s co-founder, Torsten Reil, remarked, “This funding round is a vote of confidence in Europe.” He further extolled General Catalyst’s alignment with their vision to fortify democracies.
His counterpart, Gundbert Scherf, chimed in, expressing their foundational belief in AI as the beacon for democracies to uphold their core values. He asserted that recent milestones validate the shared conviction amongst governmental bodies and the broader industry.
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