Helsing Revenue, Valuation, Funding & Investors

Helsing is valued at $18B as of July 2026, a 35.9x multiple on its last reported $502M revenue.

Last Helsing valuation

$18B

Series E · Jul 2026

Last Helsing funding round

$1.8B

Series E · Jul 2026

Helsing revenue

$502M

Series E · Jul 2026

Key investors in Helsing

  • General Catalyst
  • Accel
  • Lightspeed Venture Partners
  • Saab
  • Prima Materia
  • Greenoaks

Helsing Overview

About Helsing

Helsing is a Berlin-headquartered defense technology firm founded in 2021 that supplies AI software platforms for land, air, naval, and subsurface operations. The company integrates its systems with military hardware from partners like Rheinmetall for autonomous target detection, strike coordination, and reconnaissance. Key products include AI-enabled strike drones resistant to electronic warfare, underwater surveillance vehicles, and wingman pilots for fighter jets, deployed by European armed forces.


Founded

2021

HQ

GermanyMunich

Website

helsing.ai

Status

Privately held

Customer focus

B2G & B2B

Revenue model

Subscription

Revenue

$502M (Jul 2026)

Valuation

$18B (Jul 2026)

Helsing Valuation

Helsing is currently valued at $18B, based on its Series E in July 2026.

The $1.8B round included General Catalyst, Greenoaks, ICONIQ Capital, Plural Platform, Disruptive and 7 other investors.

Helsing's valuation has grown 40x from $454M at its Series A in November 2021 to $18B in July 2026, across 5 priced rounds.

Helsing valuation by funding round

Revenue multiple
Helsing valuation by funding round
DateStageValuationRevenue Multiple
Jul 2026Series E$18B35.9x
Jun 2025Series D$14B-
Jul 2024Series C$5.4B-
Sep 2023Series B$2B195.5x
Nov 2021Series A$454M-

Helsing Revenue

Helsing's latest recorded revenue is $502M, as of its Series E in July 2026. At a $18B valuation, that implies a 35.9x revenue multiple.

Revenue grew from $10M in September 2023 to $502M in July 2026, while the revenue multiple moved from 195.5x to 35.9x.

Helsing revenue by funding round

Helsing revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jul 2026$502M$18B35.9xSeries E
Sep 2023$10M$2B195.5xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Helsing Funding History

Helsing has raised a total of $3.3B across 5 funding rounds.

Helsing's first fundraising round was a $116M Series A in November 2021. The most recent completed round was a $1.8B Series E in July 2026.

Helsing funding rounds

Helsing funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2026Series EGeneral Catalyst; Greenoaks; ICONIQ Capital; Plural Platform; Disruptive; The Stepstone Group; CPP Investments; Goldman Sachs; JPMorgan Chase; Prima Materia; Lightspeed Venture Partners; Accel$1.8B$18BHelsing, a Munich-based defense AI company, raised $1.8 billion in a Series E funding round on July 13, 2026, valuing the company at $18 billion, marking Europe's largest-ever funding round for a defense-technology startup. The round included new investors such as Dragoneer Investment Group, Goldman Sachs Alternatives, JPMorgan Chase, CPP Investments, and Stepstone, alongside existing investors Lightspeed Venture Partners, General Catalyst, and Accel. Accel participated as an existing investor in this mega-round, continuing its support from prior Series C and Series D investments. The strategic rationale centers on advancing Europe's technological sovereignty in defense AI, with investor demand significantly exceeding available allocation due to heightened global security concerns. Founded in 2021 by Torsten Reil, Gundbert Scherf, and Niklas Kohler, Helsing has raised approximately $4.38 billion across major rounds, including a $1.6 billion round in June 2026 for CA-1 Europa drone development and a $1.2 billion round in May 2026 at the same $18 billion valuation. The company operates as Europe's leading defense AI firm, focusing on AI-driven military solutions and drone technology, with backing from notable investors including Prima Materia (Spotify CEO Daniel Ek's firm), Saab AB, and Plural.
Jun 2025Series DPrima Materia (lead); General Catalyst; Saab; Plural; BDT & MSD Partners; Lightspeed Venture Partners; Accel$707M$14BHelsing is a German defense tech company founded in 2021, developing AI software for sensor fusion, situational awareness, and drones like HX-2 loitering munitions, with deployments in Ukraine and contracts with European militaries including Germany, UK, and France. In June 2025, it raised €600 million in a Series D round led by Prima Materia, with participation from Accel, BDT & MSD Partners, General Catalyst, Lightspeed Venture Partners, Plural, and Saab, more than doubling its valuation to €12 billion ($12 billion). This brings total funding to approximately $1.58 billion across four rounds, following a €450 million Series C in July 2024 at $5.4 billion valuation. Post-round, Helsing secured major contracts like a three-digit million euro deal with Saab in November 2025 and a €269 million Bundeswehr award in February 2026 for HX-2 drones, with options up to €1 billion.
Jul 2024Series CGeneral Catalyst (lead); Greenoaks; Saab; Plural; Lightspeed Venture Partners; Accel$487M$5.4BHelsing is a Munich-based defense AI startup founded in 2021 that develops AI software for battlefield use, enhancing situational awareness, modern weapons systems, and decision-making. The company has been active in Ukraine since 2022 and focuses on European security, particularly NATO's Eastern Flank amid Russia's invasion. It employs over 250-300 people and has secured government support, including a programme of record contract from Germany. In July 2024, Helsing raised €450 million ($487 million) in a Series C round led by General Catalyst, with participation from Accel, Lightspeed Venture Partners, Plural, Greenoaks, Saab AB, and Elad Gil. Sources report a post-money valuation of $5.4 billion (or €4.95 billion). The funds will accelerate R&D, product development, team expansion, and operations in the Baltics to counter Russian threats. This follows a €209 million Series B in September 2023 (led by General Catalyst) and a €102.5-103 million Series A in November 2021 (led by Prima Materia). The round underscores growing investor interest in defense tech, with Silicon Valley investing billions amid geopolitical tensions. General Catalyst's Jeannette zu Fürstenberg highlighted Helsing's urgency in building AI defense capabilities for European democracies. Founders emphasized speeding up large-scale R&D across domains. Total funding raised to date exceeds €761-769 million prior to a later Series D in June 2025.
Sep 2023Series BGeneral Catalyst (lead); Saab; La Famiglia$221M$2BHelsing is a German artificial intelligence software company founded in 2021 that develops defense capabilities for armed forces, focusing on processing sensor and camera data from vehicles and weapons systems to create real-time battlefield intelligence. The company's platform combines data from multiple cameras and infrared sensors to support operations including search-and-rescue missions, and has been deployed to provide capabilities for European fighter jets. In September 2023, Helsing announced a Series B funding round of €209 million led by US venture capital firm General Catalyst, with Swedish aerospace and defense company Saab participating by investing €75 million for a 5% stake. The round valued the company at approximately €1.7 billion on a post-money basis, following a pre-money valuation of €1.5 billion. Prior to this round, Helsing had raised €102.5 million in a Series A led by Prima Materia, an investment firm founded by Spotify CEO Daniel Ek, who serves as co-chairman of Helsing. The company employed approximately 220 people across offices in Munich, Berlin, London, and Paris at the time of the Series B, and planned to use the new capital to expand operations in France, Germany, and the UK while investing in core technology development. Helsing has been notably active supporting Ukraine since 2022, deploying personnel and technology to the country as geopolitical tensions elevated investment into European defense technology.
Nov 2021Series APrima Materia (lead)$116M$454MHelsing is a German defence technology company founded in 2021 and headquartered in Munich, specializing in AI-driven systems for battlefield awareness, decision support, and autonomous platforms, including software that analyzes sensor and weapons data in real time and military drones like the HX-2. In November 2021, Helsing raised EUR 102.5 million in its Series A round led by Prima Materia, a strategic investment firm founded by Spotify's Daniel Ek focused on deep tech, AI, and defence innovation, with the purpose of developing AI-powered defense technologies, building core capabilities, and establishing market presence. The company has since scaled rapidly, securing additional funding including a Series B of approximately €209 million in 2023 led by General Catalyst with Saab and others to expand AI defence software, followed by a Series C of €450 million in July 2024 involving General Catalyst, Elad Gil, Accel, Saab, Lightspeed Ventures, Plural, and Greenoaks. Its latest Series D in June 2025 raised €600 million led by Prima Materia with participation from Lightspeed Ventures, Accel, Plural, General Catalyst, SAAB, and new investors BDT & MSD Partners to accelerate all-domain defence innovation, autonomous systems, and European technological sovereignty amid geopolitical challenges. Helsing operates in the growing European defence tech sector, which saw USD 5.2 billion in venture funding in 2024 per NATO Innovation Fund reports, positioning it as one of Europe's most valuable AI defence startups with backing from prominent investors.

Who has invested in Helsing?

16 investors have backed Helsing across its funding rounds, including General Catalyst, Accel, Lightspeed Venture Partners, Saab, Prima Materia and Greenoaks.

Lead investors include Prima Materia and General Catalyst.


Helsing Investors

Investors in Helsing by funding rounds participated
InvestorHQRoundsRoleFirst check
General CatalystUnited StatesSan Francisco, CA4LeadSep 2023
SaabSwedenStockholm3ParticipantSep 2023
Prima MateriaSwedenStockholm3LeadNov 2021
Lightspeed Venture PartnersUnited StatesSan Francisco, CA3ParticipantJul 2024
AccelUnited StatesPalo Alto, CA3ParticipantJul 2024
GreenoaksUnited StatesSan Francisco, CA2ParticipantJul 2024
PluralUnited KingdomLondon2ParticipantJul 2024
ICONIQ CapitalUnited StatesSan Francisco, CA1ParticipantJul 2026
Plural PlatformUnited KingdomLondon1ParticipantJul 2026
DisruptiveUnited StatesAustin, TX1ParticipantJul 2026
The Stepstone GroupGermanyDüsseldorf1ParticipantJul 2026
CPP InvestmentsCanadaToronto1ParticipantJul 2026
Goldman SachsUnited StatesNew York City, NY1ParticipantJul 2026

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Acquisitions by Helsing

Helsing has acquired 2 companies to date.

Last acquisition by Helsing was on January 19th 2026. Helsing acquired Keybiotic for undisclosed valuation.


Latest Acquisitions by Helsing

Keybiotic
Blue Ocean Monitoring
Description
-
Blue Ocean Monitoring is an Aberdeen, Scotland-headquartered ocean technology company designing autonomous underwater vehicles (AUVs) and subsea sensors for offshore energy surveys. It develops systems for pipeline inspection, seabed mapping, and marine mammal detection, partnering with operators in the North Sea for carbon capture site assessments. Founded to address industry challenges in remote data collection.
HQ CountrySpainAustralia
HQ City
-
Perth
Deal Date19 Jan 20268 Oct 2025
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Helsing Competitors

Helsing competitors include listed companies like Czechoslovak Group and Curtiss-Wright, and private ones like Allen Control Systems, Shield AI, Saronic and Quantum Systems.

Public and private companies comparable to Helsing
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Allen Control SystemsUnited StatesUnited StatesPrivate--$2.2B-
Shield AIUnited StatesSan Diego, CAPrivate$540M-$13B23.5x
SaronicUnited StatesAustin, TXPrivate$200M-$9.3B46.3x
Quantum SystemsGermanyGilchingPrivate$330M-$8B24.2x
Czechoslovak GroupCzech RepublicCzech RepublicPublicly listed$7.8B$1.9B$19B2.6x
Curtiss-WrightUnited StatesUnited StatesPublicly listed$3.5B$789M$21B5.8x

Helsing Public Comps

Helsing is still privately-owned, but its public comps include Czechoslovak Group, Range Intelligent, Curtiss-Wright, Tempus AI, iFlytek, BWX Technologies, Embraer, Indra Sistemas, Moog and LIG Defense&Aerospace.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Czechoslovak Group$7.8B$1.9B2.8x2.6x11.6x9.6x
Range Intelligent$846M$803M20.7x16.0x21.9x19.7x
Curtiss-Wright$3.5B$789M6.2x5.8x27.4x26.1x
Tempus AI$1.3B($131M)12.0x10.1x(116.0x)346.0x
iFlytek$4B$465M3.7x3.4x31.7x40.6x
BWX Technologies$3.2B$548M4.6x4.1x27.1x23.3x
Embraer$7.6B$604M1.8x1.7x23.2x13.4x
Indra Sistemas$6.3B$695M2.0x1.6x17.7x12.1x

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Common questions about Helsing

When was Helsing founded?Helsing was founded in 2021.
Where is Helsing headquartered?Helsing is headquartered in Munich, Germany.
Is Helsing publicly listed?No, Helsing is a private, VC-backed company.
What is Helsing's valuation?Helsing was last valued at $18B in its Series E in July 2026.
How much funding has Helsing raised?Helsing has raised $3.3B across 5 funding rounds.
What was Helsing's last funding round?Helsing's last funding round was a $1.8B Series E in July 2026.
Who are Helsing's investors?Helsing's investors include General Catalyst, Saab, Prima Materia, Lightspeed Venture Partners, Accel, Greenoaks, Plural, ICONIQ Capital, Plural Platform, Disruptive and 6 others.
What is Helsing's revenue?Helsing's latest recorded revenue is $502M (July 2026).
What is Helsing's revenue multiple?Helsing's latest valuation implies a 35.9x revenue multiple ($18B valuation on $502M of revenue).
Which companies are comparable to Helsing?Companies comparable to Helsing include Allen Control Systems, Shield AI, Saronic, Quantum Systems, Czechoslovak Group and Curtiss-Wright.
How many companies has Helsing acquired?Helsing has acquired 2 companies, including Keybiotic and Blue Ocean Monitoring.

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