Helsing, a Munich-based defence startup, has just closed a €1.7–1.8 billion Series E round at a valuation around €12 billion, underscoring strong investor demand for AI-powered defence tech.

The funding supports a widened product slate beyond software, including autonomous strike drones, AI pilot software, and underwater surveillance systems, with hardware development accelerating over the past two years.

Its current use cases include delivery of kamikaze drones to Ukrainian forces, production of underwater reconnaissance drones, and development of an uncrewed combat jet in partnership with Grob Aircraft.

Existing backers include Prima Materia, Accel, and Greenoaks, while the new round brings in Lightspeed Venture Partners and General Catalyst, with participation from JPMorgan Chase and Goldman Sachs Alternatives and others.

Helsing emphasizes European ownership and roots, maintaining that the company remains predominantly European-owned despite substantial international investment.

The board is chaired by industry figures and prominent investors, including co-chairs and experts, with a mix of European and North American partners.

The round was oversubscribed, reflecting strong investor demand, and Helsing noted comparable funding in the sector, citing Quantum Systems’ recently closed financing in excess of $1 billion.

The financing round featured a broad lineup of investors, with Dragoneer and Lightspeed leading, and new participants such as JPMorgan Chase, Goldman Sachs Alternatives Growth Equity, CPP Investments, and the Canada Pension Plan.

Helsing plans to expand European manufacturing and has disclosed a multi-country staff footprint, with current operations in Germany, the UK, France, and the Baltic region.

Its product lineup includes the HX-2 strike drone supplied to Ukraine, CA-1 Europa aircraft variants, and Altra software, underscoring deep integration across software and hardware.

The company works closely with European governments and defense entities to provide AI infrastructure for autonomous systems while keeping humans responsible for key decisions.

Helsing has signaled a shift toward hardware to meet demand for rapid field deployment of AI capabilities and envisions mass drone deliveries to Ukraine as part of its growth.