Investing.com -- German defense technology company Helsing announced Monday it secured $1.8 billion in new funding, bringing the company's valuation to $18 billion.

The funding round attracted participation from both new and existing investors, including JPMorgan Chase (NYSE: JPM) and venture capital firms Lightspeed Venture Partners and Iconiq.

Helsing said in a press release that "investor demand significantly exceeded the available allocation, reflecting strong and growing confidence in AI-driven and software-defined defence technology."

The Munich-based company develops hardware and software platforms for defense applications. Its products include drones and underwater surveillance weapons, along with artificial intelligence and autonomous software systems designed for military use.

Helsing's HX-2 drones are currently supplied to the Ukrainian army. The company has established itself as a European defense technology provider amid increased European focus on developing independent technology and defense capabilities.

The company stated it "remains predominantly European-owned, underscoring its deep roots in Europe."

The new capital will be used to "accelerate Helsing's mission to develop and integrate entirely new AI platforms into the defense capabilities of its growing number of partner nations," according to the startup.