Spotify founder and CEO Daniel Ek has deepened his commitment to Europe’s defense technology industry, leading a substantial €600 million investment round into Helsing. The Munich-based defense tech firm, established only four years ago, is now valued at approximately €12 billion, marking it as one of Europe’s highest-valued private companies.
This latest investment underlines Europe’s accelerated efforts to enhance its defense capabilities amid growing geopolitical instability and a shift in U.S. foreign policy focus. Ek’s investment firm, Prima Materia, spearheaded this financing round, following Helsing’s earlier funding of $450 million approximately a year ago. The surge in investment reflects a broader industry trend as defense innovators attract significant backing. Notably, U.S.-based Anduril recently secured a massive $2.5 billion from Founders Fund, while European drone companies like Quantum Systems and Tekever raised €160 million and €70 million respectively, achieving valuations in unicorn territory.
Initially focused primarily on artificial intelligence software for the battlefield, Helsing’s core technology processes vast datasets from sensors, radar, and weapon systems to provide real-time, intuitive visual representations of combat scenarios. The key innovation reduces reliance on traditional communication methods, such as phone calls and manually drawn battlefield maps, giving soldiers at every level direct access to a unified digital view of strategic operations.
However, Helsing’s ambitions have expanded considerably beyond software. The company has begun development of its own hardware, including strike drones and aircraft. Additionally, it is moving forward with plans for a fleet of autonomous mini-submarines aimed at enhancing maritime surveillance capabilities.
The timing of Ek’s enlarged investment coincides significantly with Europe’s newfound urgency to bolster regional security independent of American protection. Triggered initially by the Russian invasion of Ukraine, European leaders increasingly recognize the importance of securing strategic autonomy, particularly in response to the recent election of President Donald Trump in the U.S., whose foreign policy priorities lean heavily toward domestic interests.
European governments, as pointed out by Greek Prime Minister Kyriakos Mitsotakis, are preparing to substantially increase defense expenditures, viewing digital and AI-driven technologies as central to modern military effectiveness. Such initiatives signify a dramatic shift in strategy and investment priorities across the continent, as the EU aims for enhanced self-reliance in defense matters.
The NATO Innovation Fund, a first-of-its-kind venture capital initiative backed by 24 NATO countries, was initially established to support innovation in European security technology. Ek, who initially backed Helsing as early as 2021—prior to Russia’s Ukraine invasion—clearly anticipated the growing strategic significance of independent European defense technologies.
Ek described the urgency in developing advanced defense tech solutions as critical to ensuring Europe’s independence. Participating alongside Prima Materia in Helsing’s latest funding round were new investors BDT & MSD Partners, as well as Helsing’s existing supporters including Lightspeed Ventures, Accel, General Catalyst, Plural, and the Swedish defense giant Saab. Helsing’s total funding now reaches €1.37 billion.
