Drone Startup Helsing Raises €600 Million in Round Led by Ek

Helsing, the German startup building artificial intelligence for drones, has raised €600 million ($694 million) in a round led by Spotify Technology SA founder Daniel Ek’s Prima Materia.

Existing investors including Lightspeed Ventures, Accel, Plural, General Catalyst and Saab AB, as well as newcomer BDT & MSD Partners, joined the round, the company said in a statement on Tuesday. A portion of the funds raised is in debt that’s convertible to equity, people familiar with the matter said.

The investment more than doubles the company’s valuation to €12 billion, according to one of the people, ...