Founded in 2021, Helsing positions itself as a new type of defense company focused on AI-based capabilities to protect European democracies. The startup aims to upgrade existing weapon systems with AI that analyzes information received from onboard sensors. Helsing is committed to the company to transparency and explainability and relies 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.
The Munich-based company has already secured its first projects. Its solution has been selected to modernize 15 Eurofighters of the German Air Force. 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. And in August 2023, Helsing and its consortium partners signed a contract to supply the AI infrastructure for the Future Combat Air System (FCAS) program. Helsing is also active in Ukraine, providing capabilities and technology for frontline operations. In this context, Helsing personnel are continuously stationed in Ukraine.
AI essential “to continue to defend democratic values”
Gundbert Scherf, co-founder of Helsing, explains:
"We founded Helsing because we believe AI will be essential to continue defending democratic values. Our recent contracts demonstrate that this belief is shared by governments and industry. This financing round is further validation from a leading global investor, as well as from our partner Saab."
In the recently completed Series B financing round, Hellsing secured a total of €209 million. The lead investor is US investor General Catalyst. The Swedish Saab Group is also participating as a strategic investor, thus deepening the existing partnership. Helsing plans to use the new capital to further expand its companies in France, Germany, and the UK and to invest more heavily in its core technologies.
According to the Munich Startup Insights Helsing has a total valuation of 1.5 billion euros. Handelsblatt reports that the valuation in the round was even €1.7 billion. This makes Helsing not only the next unicorn from Munich, but also the first defense startup from Europe to be valued at more than $1 billion.
“This financing round is a vote of confidence in Europe,”
says Torsten Reil, co-founder of Helsing.
“General Catalyst’s commitment to global and European resilience aligns with our mission to protect European democracies.”
Helsing is a leader in defense AI
Paul Kwan, Managing Partner at General Catalyst, explains:
"Helsing's impressive team, close collaboration with defense companies and governments, and deep commitment to responsible innovation are, in our view, unique. The defense industry must embrace AI, and it must do so responsibly. GC was privileged to invest early on in some of the best American defense companies, and now we are proud to support the leading European defense technology company."
And Michael Johansson, President and CEO of Saab, adds:
"This investment builds on the foundation of a comprehensive cooperation agreement between our companies. Helsing's leadership in defense AI will further enhance the efficiency, system capabilities, and performance of Saab's already world-leading product portfolio."
