BERLIN :German defence start-up Helsing has raised 600 million euros ($693.30 million) in its latest investment round, lead by Spotify founder Daniel Ek, the firm said on Tuesday.
The latest investment round has raised Helsing’s value to $12 billion, the Financial Times reported on Tuesday, citing people familiar with the matter.
This positions the start-up among the top five private tech companies in Europe, the FT added.
The investment round was lead by Prima Materia, an investment company founded by Ek and Spotify investor Shakil Khan, which doubled its investment in the firm.
Other investors included Lightspeed Ventures, Accel, Plural, General Catalyst and SAAB, Helsing said in a statement.
The Munich-based defence start-up, which specializes in AI software and is moving to produce its own drones, aircraft and submarines, hopes to benefit from governments ramping up defence spending amid rising geopolitical tensions.
($1 = 0.8654 euros)
