Helsing GmbH, a startup developing artificial intelligence software for the defense sector, today announced that it has raised €209 million in funding.
The Series B investment was led by General Catalyst. Saab AB, one of Sweden’s largest aerospace and defense companies, also contributed to the round. The Financial Times reported that Saab paid €75 million for a 5% stake in Helsing.
Germany-based Helsing reportedly raised the capital at a pre-money valuation of €1.5 billion. That makes it one of the most valuable AI startups in Europe. The software maker is now worth about four times more than at the time of its previous €100 million funding round in 2021, which was led by Spotify Technology SA Chief Executive Officer Daniel Ek.
“We founded Helsing because we believe that AI will be essential so that democracies can continue to defend their values,” said Helsing co-founder Gundbert Scherf. “Our recent traction shows that this belief is shared by governments and industry.”
Helsing is reportedly developing an AI-powered data processing platform designed for use by militaries. According to Wired, the platform can ingest sensor data from jets, helicopters, sonars and a variety of other systems. The built-in AI turns this information into visualizations that are easier for decision-makers to interpret than raw sensor readings.
Under the terms of Saab’s investment in Helsing, the two companies will reportedly launch a technology collaboration. The alliance focuses on developing electronic warfare technology for fighter aircraft. Additionally, a consortium that includes Helsing will reportedly build AI software for a defense program known as the Future Combat Air System.
Training AI models requires a significant amount of hardware. As a result, building an advanced neural network can potentially cost tens of millions of dollars or more. Helsing’s newly announced funding round should make it easier for the company to refine its AI software and invest in other product development initiatives.
Helsing is the latest in a series of AI startups to have closed nine-figure funding rounds over the past few months.
Imbue, a company developing language models optimized for reasoning tasks, raised $200 million at a $1 billion valuation last week. Nvidia Corp. and Cruise LLC Chief Executive Officer Kyle Vogt were among the investors in the round. Earlier, large language model developer AI21 Labs Ltd. secured a $155 million investment that likewise included Nvidia’s participation.
One of the newest entrants into the market is Mistral AI. The Paris-based startup launched earlier this year and raised $113 million just four weeks later from an investor consortium led by Ligtspeed Venture Partners. Using the proceeds from the round, Mistral AI plans to build a collection of large language models that it will make available to customers next year.
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