The investment company of Spotify co-founder Daniel Ek has led a €600 million funding round in German defense company Helsing, which raised its valuation to €12 billion. The startup previously announced the supply of HX-2 strike drones to Ukraine.
The investment company of Spotify co-founder Daniel Ek has led a €600 million funding round in German defense company Helsing, which raised its valuation to €12 billion. The startup previously announced the supply of HX-2 strike drones to Ukraine.
As reported by the Financial Time, Prima Materia, an investment firm founded by Ek and one of Spotify’s early investors, Shakil Khan, in 2020, made its first significant investment in Helsing in 2021, a few months before Russia’s full-scale invasion of Ukraine.
Daniel Ek said Prima Materia is now «doubling down the ante» and leading the startup’s latest investment alongside Sweden’s Saab and venture capital firms Lightspeed Ventures, Accel, Plural and General Catalyst. The round brings Helsing’s total raised capital to €1.37 billion.
«The world is being tested like never before. This has accelerated the timeline [for funding Helsing],» Ek said. He also noted the war between Russia and Ukraine, where drones and other artificial intelligence-based systems are being widely used for the first time.
«There is a huge realization that it is artificial intelligence, mass and autonomy that are now defining the new battlefield. We cannot underestimate the implications of this for the conflict [in Ukraine] or any other conflict in the future,» said the Spotify founder.
The valuation of the four-year-old Helsing has more than doubled since it raised €450 million less than a year ago. The latest investment, which is being made through a mix of traditional equity and other financing, values the company at around €12 billion, according to insiders.
That figure puts Helsing among the top five most valuable private technology companies in Europe. The company declined to comment on its valuation.
The deal comes after California startup Anduril recently raised $2.5 billion at a valuation of $30.5 billion. European drone makers Quantum Systems and Tekever were valued at more than €1 billion last month.
In the winter, Helsing announced the production of 6,000 HX-2 strike drones for delivery to Ukraine. Previously, it created 4,000 HF-1 strike drones, which are already being transferred to Ukrainian defenders.
The company recently successfully completed test flights of its autonomous air combat system piloted by a Saab fighter jet and unveiled plans to create a fleet of unmanned surveillance submarines.
«We are at a turning point now… we are transforming from a software company to a company that develops software and hardware for artificial intelligence in all areas,» Ek said.
Daniel Ek’s initial investment in Helsing sparked a backlash against Spotify, the digital music service he co-founded in 2006 and still leads as CEO. But he said he’s not worried about the potential threat of another boycott.
«I’m sure people will criticize it, and that’s okay. Personally, I’m not concerned about it. I’m more focused on what I think is right, and I’m 100% convinced that this is the right decision for Europe,» Ek believes.
The HX-2 drone is an autonomous, AI-powered system designed to balance availability with operational accuracy and scalability. It is capable of engaging artillery, armored, and other military targets beyond line-of-sight.
