STOCKHOLM, June 17 (Reuters) - German defence AI startup

Helsing has raised 600 million euros ($693.24 million) in its

latest funding round from the likes of Lightspeed Ventures,

Accel, Saab and Prima Materia, an investment firm

founded by Spotify ( SPOT ) CEO Daniel Ek.

While Helsing did not disclose its valuation, FT reported

that the funding round valued the company at 12 billion euros.

The company last raised 450 million euros last year and the

latest round takes the total funding to 1.4 billion euros.

Venture capitalists are looking to invest in European

defence startups after Russia's 2022 invasion of Ukraine and

U.S. President Donald Trump's prodding of NATO countries have

spurred the EU to ramp up its military spending plans.

Two other European defence startups - German drone maker

Quantum Systems and Portuguese drone company Tekever - have

achieved valuations of more than $1 billion in funding rounds

earlier this year.

Last week Helsing and Saab conducted combat testing of a

Gripen E warplane flown by AI against a real fighter pilot,

making it the first publicly known instance of AI being tested

in a warplane beyond visual range rather than in close-range

combat.

($1 = 0.8655 euros)