
Valuation
$5.60B
2025
Funding
$937.00M
2025
Valuation
Helsing is valued at €4.95 billion following its €450 million Series C round in July 2024, led by General Catalyst. The company has raised approximately €762 million in total funding through three major rounds.
Initial funding began with a €102.5 million Series A in November 2021 led by Prima Materia, Spotify co-founder Daniel Ek's investment firm, who contributed €100 million personally. The Series B in September 2023 brought in €209 million, led again by General Catalyst with strategic investment from Swedish defense company Saab AB. The Series C expanded the investor base to include Accel, Lightspeed Venture Partners, Elad Gil, Plural, and Greenoaks, alongside returning investors.
Product
Helsing builds AI-powered defense systems that integrate data from battlefield sensors to enable faster, more accurate military decision-making. At its core is Altra, a battlefield management platform that connects various sensors (cameras, radar, infrared) from drones, vehicles, and soldiers, using AI to identify threats and present a unified tactical picture.
Military personnel access this information through an intuitive interface resembling a video game, where AI algorithms highlight enemy positions, suggest tactical options, and coordinate responses. When a suspicious object appears, Altra can automatically track it using available cameras, identify it as a threat (like an enemy drone), and recommend appropriate countermeasures.
This capability extends across domains. For air combat, Helsing's Cirra system helps fighter jets detect and analyze radar threats in real-time, even those deliberately changing their signature to avoid detection. At sea, their Lura platform processes underwater sounds using a "large acoustic model" to detect submarines or threats to undersea infrastructure.
Helsing has expanded beyond software into hardware with the HX-2, a small autonomous attack drone weighing about 12kg. These AI-guided drones can operate at ranges up to 100km, identify targets autonomously, and continue missions even when communications are jammed. Multiple HX-2s can coordinate as swarms through the Altra platform, overwhelming defenses by approaching targets simultaneously from different angles.
Unlike traditional defense systems built around specific hardware, Helsing's products emphasize software adaptability and AI processing to make existing military platforms smarter. Their systems maintain human oversight while automating complex tasks like target recognition, threat assessment, and multi-system coordination.
Business Model
Helsing employs a B2G model, selling advanced AI defense capabilities to democratic nations' militaries. The company initially pursued a software-first approach, developing AI systems that could be integrated into existing military platforms through partnerships with established defense contractors. This allowed a young startup to secure major contracts like the Eurofighter electronic warfare upgrade (with Saab) and the Future Combat Air System AI backbone.
Rather than employing the traditional cost-plus contract model common in defense (where contractors are paid expenses plus a margin), Helsing front-loads R&D costs and offers fixed-price products. This approach, similar to that of American counterparts like Shield AI, targets margins of 40-50% rather than the typical 5-10% in traditional defense contracting.
The company evolved from pure software to vertical integration by 2023-2024, developing its own drone hardware and building "Resilience Factories" to produce them at scale. This shift was driven by urgent battlefield needs that existing suppliers couldn't meet. The first factory came online in late 2024 with capacity for 1,000 drones monthly.
Helsing's revenue comes primarily from long-term military contracts for both systems development and unit sales. The company takes an unusually hands-on approach for a tech firm, with staff deployed alongside military users in operational environments. This builds trust while providing direct feedback to improve their AI systems.
A key advantage in European markets is Helsing's status as a European company, addressing concerns about data sovereignty and strategic autonomy that might arise with American alternatives. This positioning has helped secure national-level backing, with the German government fast-tracking adoption of their technology.
Competition
American defense tech innovators
U.S. companies like Anduril, Palantir, and Shield AI represent direct competition in the defense AI space. Anduril builds an AI-powered battle network called Lattice alongside autonomous drones and surveillance systems, with 2024 revenue estimated at $1 billion. Palantir provides intelligence and operational software for military decision-making, while Shield AI focuses on autonomous drones and AI pilots for aircraft.
These firms share Helsing's approach of front-loading R&D costs rather than using traditional cost-plus contracts. While they have greater revenue and longer track records, Helsing maintains an advantage in European markets where governments prefer locally-developed technologies that ensure data sovereignty and align with European regulatory frameworks.
Established defense primes
Traditional defense contractors like Airbus, BAE Systems, Thales, and Rheinmetall serve as both partners and potential competitors. These companies have decades-long relationships with European militaries and massive resources, but typically integrate AI incrementally rather than building AI-first solutions.
Helsing's strategy involves partnering with these primes on major programs while maintaining control of core AI technologies. This approach has secured integration into platforms like the Eurofighter, but the relationship remains complex. Bloomberg reported that Rheinmetall, initially a Helsing partner, later engaged Swiss-American company Auterion for some autonomous drone capabilities, indicating these established players might develop competing solutions if Helsing's influence grows too large.
European defense tech startups
While Helsing stands out as the dominant European defense AI startup, regional competitors include France's Preligens (focused on satellite image analysis), UK-based Adarga (intelligence knowledge graphs), and Swiss-American Auterion (open-source drone software). None match Helsing's comprehensive approach across multiple domains or its level of funding and government backing.
This relative lack of direct European competition has allowed Helsing to become the go-to AI provider for European defense modernization programs. The company's position as "Europe's only major defense AI startup of its kind" provides a significant competitive advantage when governments seek alternatives to U.S. technology.