Spotify founder invests €600M in defense startup supplying drones to Ukraine

According to the report, the €600 million investment in Helsing was made by Prima Materia, a company founded by Daniel Ek and Spotify co-founder Shakil Khan.

They had previously invested in Helsing back in 2021 — before Russia's full-scale invasion of Ukraine. According to Ek, the fund is now doubling down on security efforts.

Founded in 2021, Helsing initially focused on developing artificial intelligence software for the defense sector, and later expanded into manufacturing its own drones, aircraft, and submarines.

Its drones are assembled in southern Germany and are already being delivered to meet Ukraine's defense needs. The company also holds contracts with the governments of the United Kingdom, Germany, and Sweden.

Helsing's investors include Swedish defense firm Saab and venture capital funds Accel, Lightspeed Venture Partners, Plural, and General Catalyst. The total amount of capital raised stands at €1.37 billion.

According to analysts, Helsing is now among the five most valuable private tech companies in Europe.

Drone deliveries to Ukraine

In early January, Germany updated its list of military aid provided to Ukraine, which included the delivery of 600 HF-1 strike drones.

The German startup Helsing also plans to supply Ukraine's Armed Forces with an additional 6,000 AI-powered HF-1 unmanned aerial vehicles.

In April, Ukrainian forces began deploying HF-1 loitering munitions with artificial intelligence, produced by the German defense company Helsing.