Helsing was founded in 2021 and positions itself as a new type of defense company focused on AI-based capabilities to protect European democracies. The startup’s goal is to upgrade existing weapons systems with AI that analyzes information received from onboard sensors. In doing so, the company commits to transparency and explainability and relies on “human in the loop.” This means that the AI does not itself determine military targets, but rather supports officers in analyzing the situation.
The Munich-based company has already secured initial projects. Their solution was selected to modernize 15 Eurofighter aircraft of the German Air Force. For this purpose, the multirole combat aircraft will first be equipped with sensors from Saab. Helsing’s AI-based software then uses the sensor data to enable Cognitive Electronic Warfare (EW), particularly in the areas of reconnaissance and self-protection against hostile air defenses. And in August 2023, Helsing, together with its consortium partners, signed a contract to provide AI infrastructure for the Future Combat Air System program (FCAS). Additionally, Helsing is active in Ukraine and provides capabilities and technology for front-line operations there. In this context, Helsing personnel are continuously stationed in Ukraine.
AI essential “to continue defending democratic values”
Gundbert Scherf, co-founder of Helsing, explains:
“We founded Helsing because we believe that AI will be essential to continue defending democratic values. Our recent contracts show that this conviction is shared by governments and industry. This funding round is another confirmation by a globally leading investor as well as by our partner Saab.”
In the recently completed Series B funding round, Helsing was able to secure a total of 209 million euros. The lead investor is US-based General Catalyst. The Swedish Saab Group is also participating as a strategic investor, thereby deepening the existing partnership. Helsing plans to use the new capital to further expand its operations in France, Germany, and the UK and to invest more heavily in its core technologies.
According to Munich Startup Insights, Helsing has a total valuation of 1.5 billion euros. Handelsblatt reports that the valuation in the round was even 1.7 billion euros. This makes Helsing not only Munich’s next unicorn, but also the first European defense startup to be valued at over one billion dollars.
“This funding round is a vote of confidence for Europe,”
says Torsten Reil, co-founder of Helsing.
“General Catalyst’s commitment to global and European resilience aligns with our mission to protect European democracies.”
Helsing leading in defense AI
Paul Kwan, Managing Partner at General Catalyst, explains:
“Helsing’s impressive team, close collaboration with defense companies and governments, and deep commitment to responsible innovation are unique in our view. The defense industry must embrace AI, and it must do so responsibly. GC had the privilege of investing early in some of the best American defense companies, and now we are proud to support the leading European defense technology company.”
And Micael Johansson, President and CEO of Saab, adds:
“This investment is based on the foundation of a comprehensive cooperation agreement between our companies. Helsing’s leadership in defense AI will further improve the efficiency, system capabilities, and performance of Saab’s already globally leading product portfolio.”
