European defense technology startup Helsing is approaching completion of a significant funding round that would raise $1.2 billion and value the company at $18 billion, according to reports.

The five-year-old military drone company, which has backing from Spotify founder Daniel Ek, is seeking to close what would represent another substantial investment in the defense technology sector.

Helsing specializes in military drone technology and represents part of a growing trend of European startups focusing on defense applications amid increased security concerns across the region.

The reported valuation would mark a significant milestone for the relatively young company, reflecting investor confidence in defense technology solutions. The funding round, if completed as reported, would position Helsing among the more highly valued European defense technology companies.