European AI defense startup Helsing is nearing a $1.2 billion funding round led by Dragoneer Investment Group, with Lightspeed Venture Partners co-leading. The deal would value the five-year-old company at $18 billion, making it Germany’s highest-valued startup.
Helsing provides AI software for military use-including drone systems, border surveillance, and real-time data processing. It has supplied tech to Germany’s armed forces and to Ukraine’s military since 2022.
The founding team includes CEO Torsten Reil, formerly of Unity, and co-founders Gundbert Scherf and Michael Münch. Notable backers include Spotify founder Daniel Ek through his Prima Materia fund.
Defense tech investments have surged 300% since 2024, driven by the Ukraine-Russia conflict reshaping European priorities. Helsing completed a €600 million Series D in June 2025. This round positions it to compete for talent, contracts, and acquisitions.