Helsing Could Become Europe’s Most Valuable Private Defense Tech Startup

Helsing GmbH is reportedly nearing an oversubscribed funding round led by Dragoneer Investment Group, with Lightspeed Venture Partners joining as co-lead.

Helsing GmbH, the Munich-based defense AI startup, is nearing a $1.2 billion funding round that would value the company at about $18 billion, according to a Financial Times report. Dragoneer Investment Group is leading the round, while existing investor Lightspeed Venture Partners is participating as co-lead. The companies have not officially confirmed the deal.

The new round would mark a sharp increase from Helsing’s €600 million Series D in June 2025, which valued the company at roughly €12 billion. That round was led by Prima Materia.

According to the Financial Times, investor demand for the current round has exceeded the amount of capital being offered. Even with U.S. investors leading the financing, Helsing is expected to remain about 80% European-owned.

Founded in 2021 by Dr. Gundbert Scherf, Torsten Reil, and Niklas Köhler, Helsing first focused on AI software for battlefield intelligence. Since then, the company has expanded into hardware. It developed the HX-2 drone, which Ukraine has approved for frontline use. Earlier this year, Helsing also introduced Lura, an AI-powered platform for submarine detection and surveillance.

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The funding comes as European governments continue to raise defense spending following Russia’s invasion of Ukraine. At the same time, demand for autonomous and AI-enabled military systems has increased. Helsing recently won a €269 million contract from the German military to supply HX-2 drones. That agreement could expand to €1.46 billion if the company meets performance targets.

Helsing operates in a rapidly growing European defense technology market. Quantum Systems raised €180 million in late 2025 at a valuation above €3 billion. Meanwhile, Tekever raised £400 million at a valuation above £1 billion. In the United States, Anduril Industries is valued at $30.5 billion.

Helsing, Dragoneer, and Lightspeed did not respond to requests for comment at the time of publication.

Disclaimer: This news is based on publicly available information. NervNow has not independently verified any claims.

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