This capital injection follows a $1.2 billion investment in German drone manufacturer Quantum Systems just last week, which pushed that company’s valuation to $8 billion. European governments are currently accelerating defense spending, driven by the urgent need for real-time targeting and enhanced battlefield awareness exposed by the ongoing war in Ukraine.

The roster of backers highlights the global appetite for European defense assets. The round drew heavy hitters including U.S.-based Dragoneer Investment Group, Lightspeed Venture Partners, General Catalyst, Iconiq, and Disruptive. Major financial institutions such as Goldman Sachs and JPMorgan joined the effort, alongside the Canadian pension fund CPP Investments.

Founded in 2021, Helsing started by developing AI software to process complex battlefield data. Since then, the firm has aggressively expanded its portfolio into autonomous strike drones, underwater surveillance, and military aircraft systems. The company currently holds contracts with several European governments and is actively supplying drones to Ukraine, supported by German state funding.