Spotify co-founder Daniel Ek is making waves far beyond the world of music streaming, spearheading a €600 million investment in Helsing, a German defence tech company now valued at €12 billion. The news, originally reported by the Financial Times, places Helsing among the five most valuable private tech companies in Europe and highlights a seismic shift in the continent’s defence industry.
Founded in 2021, Helsing has rapidly evolved from an artificial intelligence software company into a full-spectrum defence manufacturer, producing drones, aircraft, and even submarines. The latest funding round is being led by Prima Materia, Ek’s investment vehicle co-founded with Shakil Khan. The round also includes participation from existing backers such as Saab, Lightspeed Ventures, Accel, Plural, and General Catalyst.
“This is an inflection point,” Ek told the Financial Times. “We are going from a software company to an all-domain, AI software and hardware company.”
Helsing has benefited from growing global concerns around defence and security, particularly amid the ongoing war in Ukraine. The Munich-based company has already sold thousands of drones to Ukrainian forces and secured contracts with the UK, Germany, and Sweden. In addition, Helsing recently completed test flights of its AI-piloted air combat system using a Saab fighter jet and announced plans to deploy a fleet of autonomous surveillance submarines.
Ek, who continues to serve as CEO of Spotify, is unapologetic about the pivot into defence. His initial investment in Helsing in 2021 — just months before Russia’s full-scale invasion of Ukraine — prompted backlash from some Spotify users and stakeholders. Still, he remains resolute.
“I’m sure people will criticise it and that’s OK,” he said. “Personally, I’m not concerned about it. I focus more on doing what I think is right and I am 100 per cent convinced that this is the right thing for Europe.”
According to the Financial Times, Helsing’s valuation has more than doubled in under a year. The company has raised a total of €1.37 billion to date. Its founders — Torsten Reil, a former video game executive; Gundbert Scherf, a former German defence ministry official; and AI researcher Niklas Köhler — have pledged not to sell the company, instead aiming for a future public listing.
As Europe navigates a more uncertain geopolitical future, Helsing stands at the forefront of a new era in military technology — one where artificial intelligence, autonomy, and rapid innovation are becoming central to national defence strategies.
