Protect AI, a Seattle, WA-based artificial intelligence (AI) and machine learning (ML) security company, closed a $35 million in Series A funding.
The round was led by Evolution Equity Partners, with participation from Salesforce Ventures and existing investors Acrew Capital, boldstart ventures, Knollwood Capital, and Pelion Ventures.
To date, the company has raised a total of $48.5M to help organizations protect ML systems and AI applications from unique security vulnerabilities, data breaches, and emerging threats.
The fresh funding will be used to scale sales and marketing, go-to-market activities, R&D, and customer success initiatives.
Protect AI has built a platform called AI Radar that helps organizations build safer AI by providing AI developers, ML engineers, and AppSec professionals a way to see, know, and manage an ML environment.
AI Radar enables customers to quickly identify and remediate risks, and maintain a strong security posture for ML systems and AI applications and empowers organizations to deploy safer AI by assessing the security of their ML supply chain and quickly identifying and mitigating risks.
“AI applications are being deployed at an extraordinary and unprecedented rate across all industries and business functions, with virtually no visibility and oversight into the assets being used in their ML systems. Protect AI provides new and innovative solutions, like AI Radar, that enable organizations to build, deploy, and manage safer AI by monitoring, detecting and remediating security vulnerabilities and threats in real-time,” said Ian Swanson, co-founder and CEO of Protect AI. “This new funding will provide the resources to help us scale Protect AI and capitalize on the significant market opportunity in front of us. We are pleased to welcome Richard to our board, and both Evolution Equity Partners and Salesforce Ventures as new investors.”
The company also announced that Richard Seewald, Founder and Managing Partner at Evolution Equity Partners has joined the Protect AI Board of Directors.
Company: Protect AI, Inc.
Raised: $35.0M
Round: Series A
Funding Month: July 2023
Lead Investors: Evolution Equity Partners
Additional Investors: Salesforce Ventures and existing investors Acrew Capital, boldstart ventures, Knollwood Capital, and Pelion Ventures
Company Website: https://protectai.com/
Software Category: Artificial Intelligence (AI) and machine learning (ML) Security
About the Company: Protect AI is a cybersecurity company focused on AI & ML systems. Protect AI enables safer AI applications by providing organizations the ability to see, know and manage their ML environments. The company's AI Radar platform provides visibility into the ML attack surface by creating an ML Bill of Materials (MLBOM), remediates security vulnerabilities, and detects threats to prevent data and secrets leakages. Protect AI is based in Seattle, Washington, with offices in Dallas, Texas, and Raleigh, North Carolina.
Source: https://www.businesswire.com/news/home/20230726113054/en/Protect-AI-Raises-35M-in-Series-A-Financing-to-Secure-AI-and-Machine-Learning-from-Software-Supply-Chain-Threats