Venture capital (VC) funding in European defense, security, and resilience technology reached a record $5.2 billion in 2024, marking a 24% increase from the previous year, according to a report by the NATO Innovation Fund and Dealroom. This growth outpaced VC investments in artificial intelligence in Europe over the past two years. Notable funding rounds included Helsing, a Munich-based AI software developer for defense, which raised €450 million in July 2024, and Tekever, a drone manufacturer. The report highlighted that defense, security, and resilience startups now account for 10% of total VC funding in Europe, with Germany surpassing the UK as the leading recipient of such investments. The surge in funding is attributed to heightened geopolitical tensions, particularly the Russia-Ukraine war, which has driven investor interest in military and dual-use technologies. The NATO Innovation Fund, which has raised €1 billion, released the report ahead of the Munich Security Conference. Despite the broader downturn in venture capital markets, the defense sector has shown resilience, with increased private capital flowing into startups focused on AI, autonomous systems, and advanced propulsion technologies. The report also noted that U.S. defense tech funding still outpaces Europe, reaching $4.3 billion in 2024.