Hellsing aims to raise $1.2B at a valuation of $18B led by Dragoneer.
Helsing, just five years old, is closing in on $1.2 billion in funding to value the company at $18 billion. Dragon Investment Group is leading the round, with backer Lightspeed Venture Partners co-leading.
If the deal closes on these terms, Helsing will become Germany's most valuable start-up.
From Serie D to the mega-round in less than a year
This latest raise follows a €600 million Series D round that Helsing closes in June 2025, valuing the company at roughly €5 billion.
Hellsing is an AI software developed specifically for military use. This includes drones, border surveillance and real-time intelligence processing for defense forces. The company has supplied military software to the German armed forces and has been supplying technology to the Ukrainian army since 2022.
The founding team brings a strong pedigree. While CEO Torsten Reil previously worked at Unity, co-founders Gundbert Scherf and Michael Münch will complete the leadership. From the start, their talk centered on what they called “ethical AI” for military use.
Spotify founder Daniel Ek is one of the notable backers, having invested through the Prima Materia fund.
Defense technology time
According to Financial Times analysts, defense technology investments will increase by 300% from 2024. The Ukraine-Russia conflict has fundamentally reshaped how European governments and investors think about military technology.
The selection of Dragoneer as a lead investor is noteworthy. The US-based firm typically backs high-growth technology companies and has historically focused on consumer technology and enterprise software.
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