Europe's Helsing raises $1.8 billion, valuing defence group at $18 billion

Helsing said on Monday it had raised $1.8 billion in a Series E funding round that values the Munich-based firm at $18 billion, cementing its position as the continent's best-funded defence technology startup. The company announced the round on July 13. The funding follows a $1.2 billion investment in German drone maker Quantum Systems last week, which more than doubled that company's valuation to about $8 billion. The round included U.S. venture capital firms such as Dragoneer Investment Group, Lightspeed Venture Partners, General Catalyst, Iconiq and Disruptive, U.S. financial institutions Goldman Sachs and JPMorgan and Canadian pension fund CPP Investments. Founded in 2021, Helsing initially focused on artificial intelligence software designed to help analyse battlefield data before expanding into autonomous strike drones, underwater surveillance systems and military aircraft applications. It has secured contracts with European governments and defence companies, while supplying drones for Ukraine backed by German government funding.