Helsing, the Munich-based defence AI company, has closed a $1.8 billion Series E at an $18 billion valuation 12. The round was led by Dragoneer Investment Group, with Lightspeed Venture Partners co-leading 2.
The raise marks a rapid valuation trajectory for a company founded in 2021: roughly €5 billion in 2024, €12 billion after a €600 million Series D in June 2025, and now $18 billion 2. The round itself grew during the process — it was first reported in May at $1.2 billion before closing 50% larger at the same price, as investors contributed larger amounts 2.
New and existing investors participated, including Disruptive, Iconiq, Growth Equity at Goldman Sachs Alternatives, JPMorgan Chase, Canada Pension Plan Investment Board, General Catalyst, Plural, and Stepstone 1. Returning backers Prima Materia, Accel, and Greenoaks also joined, the same group that backed the Series D 2. Investor demand exceeded the available allocation, according to the company 1.
Helsing remains predominantly European-owned 1. Its board is unchanged, with co-chairmen Daniel Ek and Tom Enders, and members Jeannette zu Fürstenberg and Denis Mercier, alongside the company's founders 1.
The company was founded by Dr. Gundbert Scherf, Torsten Reil, and Niklas Köhler 2. It has approximately 900 employees and operates subsidiaries in Estonia, France, and the UK in addition to its Munich headquarters 2.
Helsing develops AI software and autonomous systems for military and national security applications 1. Its core platform combines data from drones, radar, satellites, cameras, and other sensors into a single real-time operational picture, helping armed forces detect threats, track targets, and make faster decisions 1. The AI is designed to support commanders by processing large volumes of battlefield data and integrating with existing military platforms from multiple manufacturers 1.
Beyond its software roots, Helsing has expanded into autonomous defence hardware. Its product line includes the Altra battlefield decision-support platform, the HX-2 loitering munition, and the CA-1 Europa autonomous aircraft 2. The company has also developed AI-powered strike drones capable of operating in GPS-denied and electronically contested environments, as well as underwater surveillance technologies for protecting critical infrastructure and monitoring maritime activity 1.
[ANALYSIS] The $1.8 billion raise — growing from the initially reported $1.2 billion at a fixed valuation — indicates that investor appetite outpaced the company's original capital target. The investor roster, spanning U.S. growth equity firms, a Canadian pension fund, and European backers, reflects a broad institutional base for a European defence AI company that has tripled its valuation in roughly two years. The unchanged board composition, including Spotify founder Daniel Ek and former Airbus CEO Tom Enders as co-chairmen, signals continuity in governance through the rapid scaling phase.