Spotify CEO Daniel Ek Leads €600 Million Investment in AI Defense Startup Helsing

Spotify's Daniel Ek just bet bigger on Helsing, Europe's defense tech darling | TechCrunch

When Daniel Ek isn't busy running Spotify or building his new AI-driven health tech enterprise, he's making massive bets on the future of European warfare, seemingly. The billionaire, who primarily lives in Stockholm, just led a €600 million investment in Helsing, a four-year-old, Munich-based defense tech company that is now valued at €12 billion, according to the Financial Times. The deal makes it one of Europe's most valuable privately held companies; it also highlights Europe's scramble to build its own military muscle as the world grows messier and the U.S. turns inward. The numbers help tell the story. Helsing raised $450 million just shy of a year ago; now, it's back with this even bigger round led by Ek's investment firm Prima Materia. It's part of a broader defense tech boom that's seeing money flood into companies like the U.S. giant Anduril, which just raised $2.5 billion led by Founders Fund, and European drone makers Quantum Systems and Tekever. (In recent weeks, they announced €160 million and €70 million, respectively, in rounds that put them both into so-called unicorn territory.) TechCrunch has reached out to Helsing for more details about how it plans to use the new funding. As for what, exactly, Helsing does, Wired said last year to think of it as turning modern warfare into something that looks more like a video game, except with very real consequences. The company's main product takes massive amounts of data from military sensors, radars, and weapons systems, then uses AI to create intuitive, real-time visualizations of what's happening on the battlefield. Instead of soldiers making life-or-death decisions based on phone calls and hand-drawn maps, everyone is seeing the same information, whether from a frontline trench or a command center miles away. But what started as an AI software company has grown much more ambitious. Helsing is now building its own strike drones and aircraft and said it's working on a fleet of unmanned mini submarines in order to irmprove naval surveillance. The timing isn't coincidental. As American investor Eric Slesinger told TechCrunch this spring, "European governments waited way too long to rethink what the arrangement on their own security meant." The wake-up call came with Russia's invasion of Ukraine, which made it clear that Europe couldn't rely on American protection alone. The U.S. election late last year of President Donald Trump -- who is far more interested in advancing American interests -- has since put a much finer point on things. Now European leaders are talking about spending big on defense while achieving strategic autonomy, meaning their ability to handle their own security. Greek Prime Minister Kyriakos Mitsotakis recently summed up the movement in a separate interview with TechCrunch: "We're going to spend a lot of money on defense as Europe. The defense landscape is changing, which is no longer just going to be about planes, tanks -- this is all going to be much more digitally and AI driven." A couple of years ago, that realization was the impetus for the NATO Innovation Fund, the world's first multi-sovereign venture capital fund backed by 24 NATO allies. But the capital pool is just one of several signs that Europe has grown serious about building its own defense tech ecosystem rather than relying on the U.S. for protection. Ek, who first invested in Helsing back in 2021, before the outbreak of the Ukraine war, has perhaps seen for a while where thing are heading. As he said in a press release about Monday's funding: "As Europe rapidly strengthens its defense capabilities in response to evolving geopolitical challenges, there is an urgent need for investments in advanced technologies that ensure its strategic autonomy." Other investors in Helsing's new round include earlier backers Lightspeed Ventures, Accel, Plural, General Catalyst and Saab, and new investors BDT & MSD Partners. The company has now raised €1.37 billion altogether.

Spotify's Daniel Ek leads €600mn investment in defence start-up Helsing

Spotify founder Daniel Ek is leading a €600mn investment in Helsing, valuing the German defence tech group at €12bn and making it one of Europe's most valuable start-ups. The deal comes as the Munich-based start-up is expanding from its origins in artificial intelligence software to produce its own drones, aircraft and submarines. Helsing is benefiting from a surge of investment in defence groups, as a highly charged geopolitical environment spurs nations all over the world to increase military spending and the war in Ukraine triggers a rethink of battlefield technology. Prima Materia, the investment company founded by Ek and early Spotify investor Shakil Khan in 2020, made the first significant investment into Helsing in 2021, months before Russia's full-scale invasion of Ukraine. Now Prima Materia is "doubling down", Ek told the FT. It is leading the start-up's latest investment alongside existing backers including Swedish defence group Saab and venture capitalists Lightspeed Ventures, Accel, Plural and General Catalyst. The deal brings its total capital raised to €1.37bn. "The world is being tested in more ways than ever before. That has sped up the timeline" for Helsing's financing, Ek said, pointing in particular to the conflict between Russia and Ukraine, where drones and other AI-powered systems have been deployed at scale for the first time. "There's an enormous realisation that it's really now AI, mass and autonomy that is driving the new battlefield," said Ek. "We can't understate the implications of that for this conflict [in Ukraine] or really any conflict going forward." Four-year-old Helsing's valuation has more than doubled since it raised €450mn less than a year ago. The latest investment, which is made through a combination of traditional equity and other financing, values the company at around €12bn, according to people familiar with the matter. The figure ranks Helsing among the five most valuable private tech companies in Europe. The company declined to comment on its valuation. The deal comes after California-based start-up Anduril recently raised $2.5bn at a $30.5bn valuation. European drone makers Quantum Systems and Tekever were both valued at more than €1bn last month. Helsing has sold thousands of strike drones, produced in its own facility in southern Germany, to Ukraine. It has also secured contracts the UK, Germany and Sweden. The company recently completed successful test flights of its autonomous air combat system, which piloted a Saab fighter jet, and unveiled plans for a fleet of unmanned surveillance submarines. "We're now at an inflection point . . . where we are going from a software company to an all-domain, AI software and hardware company," said Ek, who also chairs Helsing. Helsing was founded in 2021 by Torsten Reil, a video games entrepreneur, Gundbert Scherf, a former German defence ministry official, and Niklas Köhler, an AI researcher. The trio has vowed not to sell the company and instead plans to go public in the future. Helsing has struck partnerships with Saab to incorporate its AI software into the Swedish defence group's systems, as well as with Paris-based Mistral to build out its platform's decision-making capabilities. However, a partnership with German military giant Rheinmetall, announced in 2022, fizzled last year. Ek's initial investment into Helsing triggered a backlash against Spotify, the digital music service he co-founded in 2006 and still runs as chief executive. But he said he was not worried about the potential threat of another boycott. "I'm sure people will criticise it and that's OK," Ek said. "Personally, I'm not concerned about it. I focus more on doing what I think is right and I am 100 per cent convinced that this is the right thing for Europe."

German defence start-up Helsing raises 600 million euros in latest investment round

BERLIN, June 17 (Reuters) - German defence start-up Helsing has raised 600 million euros ($693.30 million) in its latest investment round, lead by Spotify (SPOT.N), opens new tab founder Daniel Ek, the firm said on Tuesday. The latest investment round has raised Helsing's value to $12 billion, the Financial Times reported on Tuesday, citing people familiar with the matter. This positions the start-up among the top five private tech companies in Europe, the FT added. The investment round was lead by Prima Materia, an investment company founded by Ek and Spotify investor Shakil Khan, which doubled its investment in the firm. Other investors included Lightspeed Ventures, Accel, Plural, General Catalyst and SAAB (SAABb.ST), opens new tab, Helsing said in a statement. The Munich-based defence start-up, which specializes in AI software and is moving to produce its own drones, aircraft and submarines, hopes to benefit from governments ramping up defence spending amid rising geopolitical tensions. ($1 = 0.8654 euros) Reporting by Isabel Demetz, editing by Rachel More Our Standards: The Thomson Reuters Trust Principles., opens new tab Suggested Topics:Artificial Intelligence

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

Helsing uses AI to analyze large amounts of sensor and weapons system data from the battlefield. European defense technology startup Helsing on Tuesday said that it's raised 600 million euros ($693.6 million) in a bumper new round of funding. The investment was led by Prima Materia, the venture capital firm founded by Spotify CEO Daniel Ek and by Shakil Khan, an early investor in the popular music streaming app. Ek is also chairman of Helsing. Existing investors Lightspeed Venture Partners, Accel, Plural, General Catalyst and Saab also put money in, alongside new investors BDT & MSD Partners. Defense and the technology behind it have become a hot area for investors lately, amid major global conflicts, including the Ukraine war to Israel-Gaza. Last week saw a further escalation of war in the Middle East as Israel launched a series of airstrikes against Iran. In 2024, venture funding in Europe's defense, security and resilience sector reached an all-time high of $5.2 billion, according to a recent report from the NATO Innovation Fund. The sector grew 30% in the past two years, outperforming the broader VC market, which saw a 45% decline over the same period.

AI warfare push makes Helsing one of Europe's 5 most valuable tech firms

Munich-based defence tech startup Helsing has raised €600mn as geopolitical tensions trigger a flood of capital into AI warfare. The large investment was led by Spotify CEO Daniel Ek's VC firm Prima Materia. It brings the company's total raised to north of €1.3bn, building on a €450mn funding round in July last year. Helsing didn't disclose its updated valuation. However, according to the Financial Times, the unicorn company is now worth €12bn, making it one of Europe's five most valuable private tech companies. Prima Materia was one of Helsing's earliest backers -- a move that sparked boycotts among artists on Spotify, who feared their use of the platform was helping to fund war. That backlash clearly hasn't deterred Ek, though, who said Helsing's technology ensures "strategic autonomy" for Europe. "By doubling down on our investment, Prima Materia reaffirms its commitment to empowering Europe's technological sovereignty -- an ambition Helsing perfectly embodies," said Ek. Founded in 2021, Helsing has developed an autonomous strike drone now in use by several European militaries, including Ukraine's. The company also recently unveiled plans for a fleet of autonomous reconnaissance submarines, and last week successfully used its self-driving system to pilot a Saab fighter jet. Helsing is riding a defence investment boom as war in Ukraine and rising security concerns push European governments to double down on military spending and explore AI technologies for warfare. According to a new report from McKinsey, investment in European defence tech startups rose by over 500% between 2021 and 2024 compared to the previous three years. While Helsing is currently Europe's most valuable defence tech startup, many other companies are experiencing rising demand for their technologies. Kate Leaman, chief market analyst at online broker AvaTrade, previously told TNW that military tech companies have "huge potential" for growth -- particularly those with AI-driven solutions. "We're already seeing a shake-up in the defence sector, with AI-focused players like Palantir outperforming more traditional defence giants," Leaman said. "This suggests that cutting-edge, tech-centric firms could possibly capture a sizeable share of the market."

Spotify's Billionaire CEO Daniel Ek Is Betting Big on Europe's Defense Sector

Daniel Ek's investment firm leads a $690 million round in one of Europe's most promising defense startups. Swedish entrepreneur Daniel Ek, best known as the co-founder and CEO of Spotify -- and perhaps as the real-life inspiration for Succession's volatile tech mogul Lukas Matsson -- has in recent years turned his attention, and immense fortune, toward Europe's burgeoning defense sector. His latest move: leading a €600 million ($690 million) funding round in Helsing, one of Europe's most promising defense tech startups. Sign Up For Our Daily Newsletter Sign Up Thank you for signing up! By clicking submit, you agree to our <a href="http://observermedia.com/terms">terms of service</a> and acknowledge we may use your information to send you emails, product samples, and promotions on this website and other properties. You can opt out anytime. See all of our newsletters Ek's investment firm, Prima Materia, is heading Helsing's Series D round, the startup announced yesterday (June 17). The funding also includes participation from major investors such as Lightspeed Venture Partners, General Catalyst, Accel, and Swedish aerospace and defense company Saab. The round values the Munich-based startup at approximately €12 billion ($13.8 billion). Helsing, which develops advanced A.I.-powered hardware for military applications, has attracted increasing investor attention amid rising geopolitical tensions, particularly following Russia's invasion of Ukraine. Last year, the company raised €450 million ($518 million) in a Series C round. In 2021, Ek's Prima Materia provided an initial €100 million ($115 million) investment. "As Europe rapidly strengthens its defense capabilities in response to evolving geopolitical challenges, there is an urgent need for investments in advanced technologies that ensure its strategic autonomy and security readiness," Ek said in a statement. Ek co-founded Prima Materia in 2020 with Shakil Khan, an early Spotify investor. At the time, he pledged to commit €1 billion ($1.15 billion) of his personal wealth -- estimated today at around $10 billion -- toward ambitious European projects over the next decade. Among Prima Materia's other investments are Epiterna, a longevity startup focused on extending life spans for humans and pets, and Neko Health, a full-body scanning health tech venture that Ek also co-founded. Helsing made its name during the Russia-Ukraine war Helsing was founded in 2021 by game developer Torsten Reil, former German defense official Gundbert Scherf, and A.I. researcher Niklas Köhler. The company began by developing A.I. software that aids military decision-making with real-time data and insights -- a technology that has been deployed by Ukrainian forces since Russia's invasion in 2022. More recently, Helsing has expanded into manufacturing military hardware, including drones, submarines and aircraft. Helsing is not alone in the booming defense tech sector. U.S.-based Anduril and Applied Intuition, both building autonomous systems for military use, recently raised $2.5 billion and $600 million, respectively. Those rounds valued Anduril at $30.5 billion and Applied Intuition at $15 billion. In March, drone maker Shield AI secured a $5.3 billion valuation. Global venture capital interest in defense tech has surged. According to Crunchbase, startups in the sector raised $3 billion across 102 deals in 2024 -- an 11 percent increase over the previous year. Helsing and Anduril led the way with the largest funding rounds. Helsing is "uniquely positioned to deliver A.I. capabilities across all-domain defense innovation," Ek said. "By doubling down on our investment, Prima Materia reaffirms its commitment to empowering Europe's technological sovereignty -- an ambition Helsing perfectly embodies."

German defence startup Helsing raises $693 million in latest investment round

German defence start-up Helsing has raised 600 million euros ($693.30 million) in its latest investment round, lead by Spotify founder Daniel Ek, the firm said on Tuesday. The latest investment round has raised Helsing's value to $12 billion, the Financial Times reported on Tuesday, citing people familiar with the matter. This positions the start-up among the top five private tech companies in Europe, the FT added. The investment round was lead by Prima Materia, an investment company founded by Ek and Spotify investor Shakil Khan, which doubled its investment in the firm. Other investors included Lightspeed Ventures, Accel, Plural, General Catalyst and SAAB, Helsing said in a statement. The Munich-based defence start-up, which specializes in AI software and is moving to produce its own drones, aircraft and submarines, hopes to benefit from governments ramping up defence spending amid rising geopolitical tensions.

Spotify's Daniel Ek Leads $690 Million Bet On Defense AI Startup Helsing, Valued At $13.8 Billion As Europe Ramps Up Military Spending - Lockheed Martin (NYSE:LMT), RTX (NYSE:RTX)

Spotify Technology SA SPOT CEO Daniel Ek has positioned his investment firm at the forefront of Europe's defense tech boom, leading a €600 million ($690 million) Series D funding round in AI-powered military startup Helsing. What Happened: Prima Materia, Ek's investment vehicle, spearheaded the round announced June 17, valuing the Munich-based defense unicorn at €12 billion ($13.8 billion). Major participants included Lightspeed Venture Partners, General Catalyst, Accel, and Swedish aerospace giant Saab, according to company statements, reported the Observer. The funding surge reflects Europe's accelerated military spending amid rising geopolitical tensions following Russia's 2022 Ukraine invasion. Helsing, founded in 2021 by game developer, former German defense official Gundbert Scherf, and AI researcher Niklas Köhler, has rapidly expanded from software development to manufacturing drones, submarines and aircraft. "As Europe rapidly strengthens its defense capabilities in response to evolving geopolitical challenges, there is an urgent need for investments in advanced technologies that ensure its strategic autonomy and security readiness," Ek stated, according to the report. See Also: US Issues Worldwide Caution After Strikes On Iran's Nuclear Sites: State Department Warns Of Airspace Closures, Travel Chaos And Rising Threats To Americans Abroad Why It Matters: Global defense tech venture capital hit $3 billion across 102 deals in 2024, marking an 11% year-over-year increase, according to Crunchbase data. Helsing's round ranks among the sector's largest alongside U.S. rival Anduril Industries' recent $2.5 billion raise at a $30.5 billion valuation. Ek, estimated worth $10 billion, co-founded Prima Materia in 2020 with early Spotify investor Shakil Khan, pledging €1 billion toward European tech investments over the decade. Previous backing includes longevity startup Epiterna and health-tech venture Neko Health. Helsing's AI-powered military decision-making software has been deployed by Ukrainian forces since 2022, establishing credibility in active combat zones. The company raised €450 million in Series C funding last year, building on Prima Materia's initial €100 million 2021 investment. Read Next: Bitcoin, Ethereum, Dogecoin Fall As US Involvement In Iran-Israel War Threatens Oil Prices Spike: Arthur Hayes Says 'Weakness Shall Pass' And BTC Will Show Its Safe Haven Status Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo courtesy: Diego Thomazini / Shutterstock.com LMTLockheed Martin Corp$475.881.13%Stock Score Locked: Edge Members Only Benzinga Rankings give you vital metrics on any stock - anytime. Unlock RankingsEdge RankingsMomentum42.60Growth54.52Quality46.58Value30.44Price TrendShortMediumLongOverviewRTXRTX Corp$148.581.32%SPOTSpotify Technology SA$710.000.36%Market News and Data brought to you by Benzinga APIs

Spotify's $694M Bet On AI War Tech: What Daniel Ek's Helsing Move Signals For Investors Watching The Defense Boom - Spotify Technology (NYSE:SPOT)

European artificial intelligence defense startup Helsing announced a €600 million ($694 million) funding round on Tuesday, led by Prima Materia, the investment firm founded by Spotify SPOT CEO Daniel Ek and Shakil Khan, an earlier investor in Spotify. The company said the new funding will help advance Europe's "technological sovereignty" by scaling domestic production of AI-driven defense systems. Helsing uses artificial intelligence to support military decision-making by connecting real-time sensor and weapons system data with advanced software architectures, according to its website. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing -- this is your last chance to become an investor for $0.80 per share. Peter Thiel turned $1,700 into $5 billion -- now accredited investors are eyeing this software company with similar breakout potential. Learn how you can invest with $1,000 at just $0.30/share. Founded in 2021, the company operates in Germany, France, and the U.K. Its product portfolio includes platforms like the HX-2, which reflects the company's move to integrate AI with battlefield-ready hardware. According to Helsing, its technologies are already being deployed under several government contracts, though specific client names have not been disclosed. Pre-IPO Offer: Get A Piece Of A Nearly $5T Global Opportunity By Joining BOXABL As An Early Shareholder At Just $0.80/Share Massive Demand & Disruptive Potential - Boxabl has received interest for over 190,000 homes, positioning itself as a major disruptor in the housing market. Revolutionary Manufacturing Approach - Inspired by Henry Ford's assembly line, Boxabl's foldable tiny homes are designed for high-efficiency production, making homeownership more accessible. Affordable Investment Opportunity - With homes priced at $60,000, Boxabl is raising $1 billion to scale production, offering investors a chance to own a stake in its growth. Share Price: $0.80 Min. Investment: $1,000 Valuation: $3.5B Click Here To Invest For Just $0.80/Share ($1000 Min)High-Profile Backers Fuel Helsing's Growth Strategy The latest investment round includes contributions from existing stakeholders Lightspeed Venture, Accel, General Catalyst, Plural, and Swedish defense firm SAAB. New participants include BDT & MSD Partners, according to Helsing. Ek, who also serves as Helsing's chairman, said the investment reflects an urgent need to bolster Europe's security architecture amid rising global tensions. "As Europe rapidly strengthens its defense capabilities in response to evolving geopolitical challenges, there is an urgent need for investments in advanced technologies that ensure its strategic autonomy and security readiness," Ek said in the statement. Trending: Maximize saving for your retirement and cut down on taxes: Schedule your free call with a financial advisor to start your financial journey - no cost, no obligation. Helsing's prior valuation stood at approximately €5 billion following a €450 million round led by General Catalyst in 2023. The company declined to confirm its current valuation due to pending regulatory approvals, CNBC says. Defense Tech Surpasses Traditional Venture Markets The funding surge reflects a broader shift in the European investment landscape. According to the NATO Innovation Fund, venture capital backing for defense, security, and resilience startups in Europe reached a record $5.2 billion in 2024. That figure represents a 30% increase over the past two years, despite a 45% contraction in general VC markets over the same period. According to CNBC, ongoing conflicts such as the war in Ukraine and conflict between Israel and Iran have driven investor interest in technologies that enhance operational readiness and strategic autonomy. Helsing is among a growing list of AI-focused defense startups offering governments and militaries tools to manage complex warzones through automation and real-time intelligence. See Also: Invest early in CancerVax's breakthrough tech aiming to disrupt a $231B market. Back a bold new approach to cancer treatment with high-growth potential. Europe's AI Defense Race Accelerates Helsing says it will use the newly raised capital to advance its AI-based software platforms and scale integrated systems like the HX-2, a mass-producible strike drone designed to operate in electronic warfare environments. The HX-2 is part of the Altra platform, which enables coordinated swarm strikes and integration with battlefield intelligence systems. According to Helsing, the company is already executing large contracts for democratic governments, though specific partners have not been disclosed. As Europe ramps up its domestic defense capabilities, Helsing may emerge as a strategic player at the intersection of AI and national security. With financial backing from Spotify's leadership and top-tier investors, the company may play a defining role in shaping the continent's military future. Read Next: Are you rich? Here's what Americans think you need to be considered wealthy. Image: Shutterstock SPOTSpotify Technology SA$734.750.49%Stock Score Locked: Edge Members Only Benzinga Rankings give you vital metrics on any stock - anytime. Unlock RankingsEdge RankingsMomentum95.82Growth98.75QualityNot AvailableValue10.12Price TrendShortMediumLongOverviewMarket News and Data brought to you by Benzinga APIs