The Munich startup founded in 2021 Helsing is upgrading existing weapon systems with an AI that analyzes information received from onboard sensors. The solution is being used, among others, in an initial project with the German Air Force, in which 15 Eurofighters are being equipped with artificial intelligence. For this purpose, the multi-role combat aircraft will initially be equipped with Saab sensors. Helsing's AI-based software will then use the sensor data to enable Cognitive Electronic Warfare (EC), primarily in the areas of reconnaissance and self-defense against enemy air defenses. The company is committed to transparency and explainability, relying on the "human in the loop." This means that the AI does not determine military targets itself, but rather supports officers in analyzing the situation.
In addition to other projects with Western countries, Helsing has also been active in Ukraine since 2022. The Munich-based startup recently founded the Defence Manufacturers Alliance, a joint initiative with the Ukrainian government.
Helsing has now successfully completed its Series C financing round, raising €450 million. General Catalyst is leading the round, with other investors including Elad Gil, Accel, Saab, Lightspeed, Plural, and Greenoaks. The fresh funds will be used for product development and research, with a particular focus on capabilities to secure European sovereignty, with a particular focus on protecting NATO's eastern flank.
“As we experience war on European soil for the first time in decades, the role of defense companies like Helsing is of great importance.”
The three company founders Niklas Köhler, Torsten Reil and Gundbert Scherf say in a joint statement:
"European security is at a crossroads, and Helsing will play a significant role in giving democracies the ability to deter and defend. Speed is of the essence. This funding round allows us to accelerate even further and invest in large-scale R&D projects and AI capabilities."
Jeannette of Fürstenberg, Managing Director and Head of Europe at General Catalyst, adds:
"Since Helsing's founding, we have seen the Helsing team working diligently to build AI-based defense capabilities for European democracies. I firmly believe Helsing is on its way to becoming a leading defense company. As we experience war on European soil for the first time in decades, the role of defense companies like Helsing is critical."
Helsing's last financing round was less than a year ago. In September 2023, the startup announced the completion of its Series B round with €209 million. This also earned the startup unicorn status, meaning a company valuation of over one billion dollars. The Munich-based company has already raised a total of €762 million. Munich Startup Insights estimate the company valuation after the Series C at 1.8 to 2.7 billion euros. Handelsblatt even estimates 4.5 billion euros.
