Defense Tech Startup Helsing Raises $1.8B in Series E Funding, Announces US Manufacturing Plans

Insider Brief

• Helsing raised $1.8 billion in Series E funding at an $18 billion valuation and announced plans to establish its first U.S. manufacturing base in West Virginia.
• The West Virginia facility will produce the HX-2, an AI-enabled strike drone that Helsing said has been deployed in Ukraine and tested by allied armed forces, including the U.S. Army.
• Helsing said the site will be capable of producing more than 2,000 HX-2 drones a month once fully operational, while the funding will support development and integration of AI platforms for partner nations.

Helsing has raised $1.8 billion in Series E funding and announced it will establish its first U.S. manufacturing base in West Virginia, expanding the European defense technology company’s presence in the American market.

In an announcement with West Virginia Gov. Patrick Morrisey, the Munich-based startup said the new facility will be part of its global network of Resilience Factories and will produce the HX-2, an AI-enabled strike drone. The company noted the HX-2, designed for high-volume production and rapid deployment, has been deployed in Ukraine and has undergone testing by allied armed forces, including the U.S. Army during the Flytrap exercise in Lithuania.

“Modern deterrence requires advanced technology and the ability to produce it at speed, at scale, and in sustained volumes,” Jennifer McArdle, Ph.D., general manager of Helsing US, said in the announciment. “The conflicts of today demonstrate that industrial capacity is a critical strategic advantage. With its commitment to innovation, skilled local workforce and competitive infrastructure, West Virginia is the right place for Helsing to start building this industrial capacity in the U.S.”

Once fully operational, the West Virginia site will be capable of producing more than 2,000 HX-2 drones a month, with the ability to scale further based on demand, the company said.

“This investment will create high-skilled jobs, strengthen America’s defense industrial base, and demonstrate that West Virginia has the workforce, energy resources, and manufacturing heritage to help lead the next generation of industrial innovation,” Gov. Morrisey added. “We’re proud to welcome Helsing to the Mountain State.”

Series E Funding

The announcement coincides with the company’s separate disclosure it has raised $1.8 billion in Series E funding, valuing the European defense AI company at $18 billion.

The company said the round included new and existing investors, among them Dragoneer Investment Group, Lightspeed Venture Partners, Disruptive, Iconiq, Growth Equity at Goldman Sachs Alternatives, JPMorganChase, Canada Pension Plan Investment Board, General Catalyst, Plural and Stepstone. Existing investors include Prima Materia, Accel and Greenoaks.

Helsing indicated investor demand exceeded the available allocation and that the company remains predominantly European-owned. The investment will support Helsing’s work to develop and integrate new AI platforms into the defense capabilities of its partner nations.

Image credit: Helsing