Protect AI, a Seattle, Washington-based AI and ML security company, has closed $60 million in Series B funding, bringing its total funding to $108.5 million.
Investors
The round was led by Evolution Equity Partners, with participation from 01 Advisors, StepStone Group, Samsung, and existing investors Acrew Capital, boldstart ventures, Knollwood Capital, Pelion Ventures, and Salesforce Ventures.
Evolution Equity Partners, headquartered in New York City, partners with rapidly growing cybersecurity software companies that safeguard our digital world. Evolution has invested in over fifty cybersecurity companies, building a growing portfolio of market leaders.
Protect AI Use of Funds
The company will use the funding to drive innovation and expand capabilities within Protect AI's AI Security Posture Management (AI-SPM) platform. The capital infusion will accelerate growth through enhanced customer success and sales resources, advanced R&D, and strengthened channel programs.
About Protect AI
Protect AI focuses on protecting AI systems and applications from unique security vulnerabilities and emerging threats. Their flagship offering is the AI Security Posture Management (AI-SPM) platform, which provides comprehensive end-to-end security for traditional ML models, large language models (LLMs), ML systems, and AI applications. Protect AI's solutions include scanning for threats in ML models, GenAI security tools, AI/ML bill of materials, and AI/ML threat feeds, making them a trusted partner for both private and public sector organizations, including national security organizations and Fortune 500 companies. The company is headquartered in Seattle, with offices in Berlin and Bangalore.
Funding Details
Company: Protect AI, Inc.
Raised: $60.0M
Round: Series B
Funding Month: August 2024
Lead Investor: Evolution Equity Partners
Additional Investors: 01 Advisors, StepStone Group, Samsung, Acrew Capital, boldstart ventures, Knollwood Capital, Pelion Ventures, Salesforce Ventures
Company Website: https://protectai.com/
Software Category: Cybersecurity
Source: https://www.businesswire.com/news/home/20240801066345/en/