Helsing aims to raise $1.2B at $18B valuation led by Dragoneer

Helsing, the European AI defense startup that’s barely five years old, is closing in on a $1.2 billion funding round that would value the company at $18 billion. Dragoneer Investment Group is leading the round, with existing backer Lightspeed Venture Partners co-leading.

If the deal closes at those terms, Helsing would become Germany’s highest-valued startup.

From Series D to mega-round in under a year

This latest raise follows a €600 million Series D that Helsing completed in June 2025, when the company was valued at roughly €5 billion.

Helsing specializes in AI software built specifically for military use cases. That includes drone systems, border surveillance, and real-time data processing for defense forces. The company has supplied military software to Germany’s armed forces and has been providing technology to Ukraine’s military since 2022.

The founding team brings serious pedigree. CEO Torsten Reil previously worked at Unity, while co-founders Gundbert Scherf and Michael Münch round out the leadership. Their pitch from the start centered on what they call “ethical AI” for military applications.

Spotify founder Daniel Ek is among the notable backers, investing through his Prima Materia fund.

Defense tech’s moment

Defense tech investments have surged by 300% since 2024, according to Financial Times analysts. The Ukraine-Russia conflict fundamentally rewired how European governments and investors think about military technology.

The choice of Dragoneer as lead investor is worth noting. The US-based firm typically backs high-growth technology companies and has historically focused on consumer tech and enterprise software.

What this means for investors

That said, Helsing itself has no public involvement with blockchain or digital assets. This is a pure AI defense play.

The competitive landscape is heating up too. But at $18 billion, Helsing would be operating at a valuation tier that gives it significant advantages in recruiting talent, securing government contracts, and acquiring smaller competitors.