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Defense AI startup Helsing raises $487M Series C, plans Baltic expansion to combat Russian threat | TechCrunch

Jul 12, 2024 - news.bensbites.com
Defense AI startup Helsing has raised €450 million ($487 million) in a Series C financing round led by General Catalyst, with plans to expand its presence in European nations bordering Russia. The company has created a new entity in Estonia and plans to spend €70 million on Baltic defense projects over the next three years. The funds will also be used to develop its AI capability and expand its 300-employee base. Helsing's AI software is designed to process information from defense systems, enhance weapons capabilities in drones and jet fighters, and improve battlefield decisions.

Helsing has previously secured deals with Airbus SE and defense ministries in Germany and Ukraine. The latest funding round potentially values the company at around €4.95 billion ($5.4 billion). The company has raised a total of €769 million from investors including Spotify founder Prima Materia and Swedish defense supplier Saab AB. New investors in the latest round include Accel, Lightspeed Venture Partners, Plural, Greenoaks Capital Management, and Elad Gil.

Key takeaways:

  • Defense AI startup Helsing has raised €450 million ($487 million) in a Series C financing round led by General Catalyst, with plans to expand its presence in European nations bordering Russia.
  • Helsing has created a new entity in Estonia and plans to spend €70 million on Baltic defense projects over the next three years.
  • The company creates AI software to process information from defense systems, boost weapons capabilities in drones and jet fighters, and improve battlefield decisions.
  • Helsing has won deals with Airbus SE and defense ministries in Germany and Ukraine, and the latest funding round values the company at around €4.95 billion ($5.4 billion).
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