Well, this is interesting in the ever surprising music industry executive world. Helsing, a European defense tech company, just announced a major win in its latest funding round, pulling in 600 million euros, which equals about $694 million dollars. The raise was led by Prima Materia, the venture capital firm started by none other than Spotify’s CEO Daniel Ek alongside Shakil Khan, one of the earliest backers of Spotify. Ek, who also serves as Helsing’s chairman, is doubling down on his commitment to the defense sector.
So translation: the Spotify CEO is involved in an investment that amount to three quarters of a billion dollars in a company that will undoubtedly be used in conflict zones around the world? Interesting when artists are making pennies from streams.
Get this, the round also brought participation from existing investors like Lightspeed Venture Partners, Accel, Plural, General Catalyst, and Saab, as well as fresh contributions from BDT & MSD Partners. Interest in defense and security technologies has been climbing quickly as global conflicts dominate headlines, with the wars in Ukraine and Israel-Gaza sparking even more urgency. Just last week, tensions escalated when Israel carried out airstrikes against Iran.
Numbers show that investment in European defense, security, and resilience has skyrocketed. According to the NATO Innovation Fund, venture funding in this space hit a record 5.2 billion dollars in 2024, which marks a 30 percent increase in only two years. Meanwhile, the wider venture capital market has stumbled with a 45 percent decline over the same stretch of time.
Diving in, founded in 2021, Helsing focuses on software powered by artificial intelligence, built to analyze massive amounts of sensor and weapons system data straight from the battlefield. The company’s tools are designed to help military leaders make decisions in real time. On top of its AI platforms, Helsing also rolled out its own drone line last year called the HX-2.
Helsing has not revealed its updated valuation after this round, which still needs certain approvals. The company’s last known valuation was about 5 billion euros following a 450 million euro raise led by General Catalyst in 2023.
Weird times.