Spotify founder backs Helsing funding round, values military drone maker at €12bn

Spotify founder Daniel Ek has backed a new €600 million funding round for Helsing, a European military drone developer.

Ek, who also chairs Helsing, via his investment vehicle Prima Materia led the round that's understood to have valued Helsing at €12bn.

It makes the Germany-headquartered firm one of Europe's top 5 private technology companies.

The funding round comes as European states seek to ramp up defense spending, against a volatile geopolitical backdrop, and as recent high-profile military operations have demonstrated the impact that modern drone warfare can make.

Helsing was founded in 2021, in Munich, as an AI-driven software company focused on battlefield decision-making. Its co-founders include game developers, military veterans and AI experts.

Ek's Prima Materia has been invested since the 2021 Series A raise, which brought in €102 million. In 2023, the Series B round banked €209 million and took the valuation into the 'unicorn' bracket, up to €1.7bn, followed by a Series C raise of €450 million that lifted the value to €5bn.

Now, the latest raise takes Helsing to the €12bn valuation.

“As Europe rapidly strengthens its defence capabilities in response to evolving geopolitical challenges, there is an urgent need for investments in advanced technologies that ensure its strategic autonomy and security readiness,” Danial Ek said.

"By doubling down on our investment, Prima Materia reaffirms its commitment to empowering Europe’s technological sovereignty—an ambition Helsing perfectly embodies.”

Alongside its rocketing valuation, the drone technology group has expanded its scope to design and build the hardware as well as the software.

Its product suite includes aerial strike drones and underwater 'submarine' drones, as well as AI-powered interfaces for fighter pilots and AI-powered tactical intelligence systems.