Quick read: Helsing is a Munich-headquartered defense-AI company building autonomous-flight software, AI-enabled drones, and combat-aircraft AI agents. In May 2026 the company is finalizing a $1.2 billion Series E at an $18 billion valuation led by Dragoneer Investment Group with Lightspeed Venture Partners as co-lead — up from $14 billion in mid-2025. That makes Helsing the most-valued European defense-technology startup and one of the most valuable startups in Germany overall.
The point: Europe’s post-Ukraine defense strategy is reading directly off Helsing’s playbook. The company has positioned itself as the “sovereign” European alternative to U.S. and Chinese AI defense systems, which has won it heavy government support from Germany, France, and the U.K. The product portfolio is moving fast: HX-2 strike drones deployed in Ukraine, Centaur AI flying Saab Gripen fighters in combat trials, and a growing autonomy software stack across air and underwater domains.
Who needs this: Anyone tracking European defense, AI applied to military procurement, the parallel evolution of defense-tech in Europe vs. the US, or how Daniel Ek (Spotify founder) became the main backer.
Skip if: You already follow European defense markets professionally. Daily AI fundamentals in our free Beginners in AI newsletter.
If Anduril is the new American defense-tech champion and Swift Beat is the operator producing drones at scale for Ukraine, Helsing is the European answer to both. The company has scaled from a 2021 founding to an $18 billion valuation in 2026 by becoming the credible “defend Europe with European technology” option that Berlin, Paris, and London have all decided they want.
Here’s the factual story of who runs Helsing, what they make, and what the $1.2 billion they’re raising in mid-2026 will fund.
What is Helsing?
Helsing is a Munich-headquartered defense-technology company founded in 2021. The company describes itself as “a defense AI company creating sovereign AI capabilities for the protection of our democracies.” In practice that means: autonomous-flight software for combat aircraft, AI-enabled drones, command-and-control systems, and increasingly maritime and underwater autonomy.
Three co-founders:
- Gundbert Scherf — Co-CEO. Former partner at McKinsey, former senior advisor to the German Defense Ministry. Brings the German-government relationships that have been central to Helsing’s contracting success.
- Torsten Reil — Co-CEO. Former CEO of NaturalMotion, the AI animation company he founded that was sold to Zynga. Brings the games-and-AI background that informs Helsing’s simulation and reinforcement-learning approach.
- Niklas Köhler — CTO. Engineering and AI background from the academic and applied-research worlds.
The company has offices in Munich, Berlin, Paris, London, and elsewhere across Europe.
What does Helsing make?
- HF-1 — the company’s software platform for integrating sensor data from existing military systems and applying AI-driven situational awareness on top of it. Originally the “Helsing Framework” that the company built its reputation on.
- HX-2 — AI-enabled strike drone designed for deployment in contested environments. Operational in Ukraine since 2025; mass-produced in Germany.
- Centaur — AI agent designed to fly modern fighter aircraft. Tested in “Project Beyond” combat trials in May and June 2025 on Saab’s JAS 39 Gripen platform — reportedly the first combat trial of AI-driven fighter-aircraft autonomy on a frontline European fighter.
- Saab Gripen radar integration — Helsing software has been integrated into the Gripen radar system to improve target classification and electronic-warfare response.
- Maritime and underwater autonomy — expanding portfolio in maritime ISR and undersea sensing.
The strategic emphasis is on AI software that integrates with existing European hardware (Gripen, Eurofighter, German Bundeswehr platforms, French and British equipment) rather than competing with U.S. integrated stacks. That “software layer for sovereign European hardware” positioning is the entire value proposition.
What is Centaur and how did the Saab Gripen trial work?
Centaur is Helsing’s AI agent designed to pilot combat aircraft. In Project Beyond — a series of trials conducted with Saab in May and June 2025 — Centaur was loaded onto a Saab JAS 39 Gripen and put through dogfighting exercises against a human-piloted aircraft. The trial was reportedly the first time an AI agent had flown a frontline European fighter against a piloted adversary in realistic combat-trial conditions.
The strategic implication of Centaur in service of an existing fighter: Europe doesn’t need to design a new uncrewed jet from scratch to deploy combat AI. The existing Gripen and Eurofighter platforms can be upgraded with Helsing software to host autonomous capability alongside their human pilots. That’s a faster and cheaper path than the U.S. Collaborative Combat Aircraft (CCA) clean-sheet uncrewed-fighter approach.
What is HX-2 and how is it performing in Ukraine?
HX-2 is Helsing’s AI-enabled strike drone, mass-produced in Germany for delivery to Ukraine and other allied buyers. The drone uses onboard AI for target identification and terminal-phase guidance in environments where Russian electronic warfare blocks operator control and GPS.
Reported Ukrainian operational data is mixed. Helsing has cited successful HX-2 deployments against Russian targets. Politico reported in early 2026 that during one tracked Donbas deployment HX-2 hit its target on 5 of 14 attempts. As with any operational statistic from an active conflict, treat the specific number with appropriate skepticism. The honest read: HX-2 is operational, scaling production, and learning from each deployment cycle — but it’s not yet reaching the 70%-class kill rates the Schmidt-funded Swift Beat operation has claimed.
Funding history and the $18 billion valuation
| Round | Date | Valuation | Notable investors |
|---|---|---|---|
| Series A | 2021 | Undisclosed | Spark Capital, Lakestar, La Famiglia (early) |
| Series B | 2022 | ~$1.5B | General Catalyst, Saab joint partnership |
| Series C | 2023 | ~$5B | Existing investors |
| Series D | June 2025 | ~$14B (€12B) | Prima Materia (Daniel Ek) led €600M |
| Series E | May 2026 (in process) | ~$18B | Dragoneer Investment Group (lead); Lightspeed Venture Partners (co-lead); $1.2B total raise |
The Series E represents roughly a 30% step-up from the June 2025 valuation. By comparison, Anduril’s post-money valuation roughly doubled in the same window. Both companies are scaling fast; the European market is structurally smaller than the U.S. market, which constrains how quickly Helsing’s addressable revenue can grow, but the sovereign-Europe narrative continues to attract capital regardless.
Notable investor angle: Daniel Ek, the founder of Spotify, is Helsing’s most-visible private backer through his Prima Materia investment vehicle. Ek has been publicly active in European defense-tech investing as a thesis area, and his June 2025 Series D lead was widely covered in European tech media.
Why does “European sovereignty” matter for defense tech?
The post-2022 European defense conversation is fundamentally different from the pre-2022 one. Key factors:
- Russian invasion of Ukraine. European NATO members substantially increased defense spending. Germany alone committed to a €100 billion special defense fund.
- U.S. policy uncertainty. Various U.S. administrations have signaled various levels of NATO commitment. Europe has concluded it cannot fully rely on U.S. defense technology supply.
- Concerns about supply-chain dependency. Critical defense capabilities procured from the U.S. carry export-control and end-use-restriction risks that European governments increasingly want to avoid.
- AI as the new strategic technology. Defense AI is the single most-important emerging defense capability class. Europe has concluded that allowing it to be wholly owned by U.S. or Chinese firms is unacceptable.
Helsing positioned itself precisely against this gap. It is European-owned, European-headquartered, builds in Europe, and explicitly markets itself as the sovereign defense-AI option. Berlin, Paris, and London have responded with substantial government contracts and policy support.
How does Helsing compare to Anduril, Shield AI, and Swift Beat?
| Dimension | Helsing | Anduril | Shield AI | Swift Beat |
|---|---|---|---|---|
| HQ | Munich, Germany | Costa Mesa, USA | San Diego, USA | Tallinn, Estonia (Schmidt operation) |
| Founded | 2021 | 2017 | 2015 | 2022 |
| Valuation (latest) | $18B (May 2026) | $61B (May 2026) | $12.7B (March 2026) | Private; Schmidt-funded |
| Core focus | Software layer for sovereign European hardware + own drones | Integrated stack: software + drones + counter-UAS | Autonomous flight software + V-BAT | Mass-production AI strike + interceptor drones |
| Primary market | European NATO members; Ukraine | US DoD + allies | US DoD + allies | Ukraine + US Army |
The four companies are sometimes competitors and often partners. Helsing’s European focus is the deepest moat against the U.S.-headquartered competitors; Anduril and Shield AI rarely win the political pitch in Berlin or Paris regardless of product capability.
FAQ
Is Helsing publicly traded?
No. Helsing is privately held. The Series E round in process in May 2026 brings the valuation to roughly $18 billion. No IPO has been announced.
Who owns Helsing?
The major institutional shareholders are Dragoneer, Lightspeed, Prima Materia (Daniel Ek), Spark Capital, General Catalyst, Lakestar, La Famiglia, Saab (as a strategic partner), and other earlier investors. The three co-founders retain significant equity. Various government-adjacent vehicles in Germany, France, and the U.K. have indirect investments.
Why is Daniel Ek (Spotify) investing in defense?
Ek has publicly stated that European defense technology is a strategic priority. The Spotify connection is mostly incidental — Ek personally has been active in European deep-tech investing for years. His Helsing Series D lead in June 2025 was widely seen as a signal to the European tech community that defense-tech investing had become acceptable for senior consumer-tech figures.
What is Project Beyond?
The Saab+Helsing combat-trial program that tested the Centaur AI agent flying a JAS 39 Gripen in dogfighting scenarios against a human pilot in May and June 2025. Reportedly the first combat trial of AI-driven autonomy on a frontline European fighter.
How does Helsing relate to the Eurofighter and other European combat aircraft?
Helsing has positioned itself to integrate with multiple European aircraft platforms, not just Gripen. Specific integration work with Eurofighter and other platforms has been discussed; the Saab partnership has been the most-visible operational engagement to date.
Is Helsing the “European Anduril”?
That’s the lazy comparison most press uses. The more accurate version: Helsing has chosen the “software layer for existing sovereign hardware” positioning, which is structurally different from Anduril’s “new integrated stack including its own hardware” approach. The companies share a generational moment and similar capital trajectories, but the strategy isn’t identical.
The bottom line
Helsing is Europe’s most-important new defense-AI company, period. The $18 billion Series E valuation reflects the political fact that Berlin, Paris, and London have made sovereign European defense AI a strategic priority and Helsing is the credible private vehicle for it. The HX-2 drone is scaling in Ukraine, Centaur is flying Gripens, and the company is expanding into maritime and underwater autonomy.
The execution risk: Helsing’s Ukraine performance data is mixed; the political support is contingent on operational results; and the path from $18 billion valuation to commensurate revenue requires the European defense procurement system to move faster than it traditionally has. The next 18 months will test all three.
For broader context: Anduril Industries Explained, Shield AI Explained, White Stork: Eric Schmidt’s Stealth Drone Startup, AeroVironment Explained, AI in Military Drones: The Complete 2026 Overview. Daily AI fundamentals in our free Beginners in AI newsletter.
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Sources
- TechCrunch, Daniel Ek-backed defense tech Helsing to raise $1.2B at $18B valuation (May 2026) — primary financial-press reporting on the Series E round.
- Helsing official site, helsing.ai — company history, leadership, and product family. Direct manufacturer reference for HX-2, Centaur, and the broader autonomy stack.
- DroneXL, Helsing Aims For $18 Billion Valuation In $1.2 Billion Dragoneer-Led Round.
- SiliconANGLE, German defense tech startup Helsing in talks over $1.2B funding round.
- AIN, Helsing raises $1.2bn at $18bn valuation: details of the round and the Ukrainian context.
- Wikipedia, Helsing (company) — background reference; current financial and product figures should be verified against helsing.ai and named press coverage.
- Saab AB, JAS 39 Gripen and partner-program information.
- Politico Europe coverage of HX-2 operational performance in Ukraine (early 2026) — reported the 5-of-14 figure cited in the post. Treat the specific operational statistic as press-reported rather than independently verified; the magnitude (lower than the Schmidt-funded Swift Beat figures) is the part to weight.
- Dealroom.co, Helsing company profile — funding history and investor list.