Protect AI, a trailblazer in AI and ML security, today announced the closure of its Series B funding round, amassing $60m.
This significant investment was led by Evolution Equity Partners, with contributions from 01 Advisors, StepStone Group, Samsung, and returning investors Acrew Capital, boldstart ventures, Knollwood Capital, Pelion Ventures, and Salesforce Ventures.
The company’s mission is focused on securing AI and ML systems against unique security risks. With an array of products from traditional ML models to LLMs, Protect AI’s security posture management platform is at the forefront of the industry, offering a holistic approach to AI security.
The fresh capital will be used to fuel innovation and enhance Protect AI’s capabilities. The funding will support the expansion of customer success and sales teams, boost research and development, and strengthen channel programs. This strategic financial boost aims to further cement Protect AI’s position as a leader in the AI security market globally.
In addition to funding, Protect AI has been pivotal in the AI security space. Its platform, from initial offerings to now encompassing five robust products, has grown significantly, solidifying its market lead. This expansion has been supported by a vibrant community of over 15,000 members in its huntr AI/ML threat research group.
A standout feature is the series of acquisitions made by Protect AI, including Rebuff, Huntr, Laiyer AI, and SydeLabs, which have added substantial value to its offerings. The company also plans to grow its workforce by 50 members by the end of 2024, demonstrating a robust year-over-year growth.
From a funding perspective, Protect AI has now reached a total investment of $108.5m, with the Series A round last year contributing $35m. This previous investment has enabled significant advancements in the company’s product offerings and market position.
Ian Swanson, Co-Founder and CEO of Protect AI, shared his vision, “AI is being deployed across every industry at an accelerating pace, and organizations have realized they need security guardrails for these systems that are not being covered by incumbent security providers.
“This additional funding provides the resources to extend our technology lead by providing even more unique AI security capabilities for every element of AI-SPM, at every stage of the AI development lifecycle, and serve customers across the globe. Our mission is to lead the AI security category for years to come and help customers build a safer AI-powered world.”
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