Helsing and Neko Health lead €2.7B week for European tech funding

European technology companies raised more than €2.7 billion across more than 60 funding deals last week, according to Tech.eu, with Helsing’s $1.8 billion Series E and Neko Health’s $700 million raise accounting for most of the disclosed capital. The week also brought more than 10 exits, M&A deals, rumors and related transactions, including SAP’s €1 billion-plus acquisition of Prior Labs.

The totals show how concentrated European private tech funding remains. Tech.eu said artificial intelligence companies raised €1.6 billion, far ahead of healthtech at €622.6 million and software at €94.2 million. By country, Germany led with €1.7 billion, followed by Sweden at €620.5 million and the UK at €231.9 million.

Large rounds set the weekly total

Germany’s Helsing was the standout deal. The defense AI company secured a $1.8 billion Series E at a $18 billion valuation, according to Tech.eu. That single round represented the majority of the week’s reported European funding and reinforced the shift of venture-scale capital toward defense technology in Europe.

Sweden’s Neko Health followed with a $700 million raise tied to demand for preventive health scans. Switzerland’s SWISSto12 raised a $70 million Series C to scale its multi-orbit business, while Germany-based Microagi received $55 million in investment. In the UK, Valarian raised a $50 million Series A, Greenjets raised a €35 million Series A with NATO backing, and Velocity raised $38 million in Series A funding.

Other disclosed deals included France-based Syntetica’s $30 million Series A for circular nylon recycling, UK-based Risk Ledger’s £24 million Series B, the Netherlands-based Monumental’s $32 million Series B for construction automation, and Raxio’s $30 million extension round. BGF invested £20 million in Urban Zoo, while Applied Computing raised $20 million for foundation AI work in energy.

Mid-sized rounds were spread across infrastructure, climate and AI

Several deals clustered below the $20 million mark. Dutch Clean Tech raised €15 million after acquiring a 25% stake in Guatemalan drinking water company Agua del Mariscal. Project Q received a €15 million Series A from Expeditions, Hensoldt, Heliad and existing investors. Meticulous raised $15 million in Series A funding, and Skalar secured €12 million from Headline to build a tax and accounting firm around AI.

Spain produced two €10 million rounds: Kintai, in a Series A led by Barlon Capital, and Wenea, to expand its electric vehicle charging network in Spain. Gridcog raised $10 million from ABB, Axpo, DNV and VERBUND for energy project modelling. Nopan reported €7.2 million raised to date for its payments performance platform, while Promptwatch raised €6 million for its AI search optimization product.

Smaller disclosed rounds ranged from Juno Bio’s $3.8 million raise and new sequencing lab for women’s health to Arq’s $1.4 million pre-seed round for quantum internet technology. Several companies reported undisclosed, seed, multi-million or seven-figure investments, including Nestind, Arrhenius, All About Accuracy, Ascléa, Vigilant Works, CDDS and valuemize.

SAP’s Prior Labs deal led M&A activity

The largest reported transaction was SAP’s acquisition of Prior Labs in a €1 billion-plus deal, 18 months after Prior Labs launched. Omio Group also agreed to acquire Rail Europe, while Norway’s Volue acquired Austria-based FlexPowerHub.

Other European transactions included FairCap’s acquisition of InterNations, Ardian’s majority investment in Berlin-based Pflegia, Apryse’s acquisition of PDF Tools, VisualLogix’s acquisition of refyne, Fourthline’s merger with Veridas, Ubitec’s merger with aicx, Epidemic Sound’s acquisition of Plenty Labs, and Adzuna’s acquisition of insolvent Hamburg-based Joblift.

This story draws on original reporting from Tech.eu.