Protect AI, a startup focused on enhancing the security of artificial intelligence (AI) and machine learning (ML) systems, has successfully raised $35 million in a Series A funding round. Spearheaded by Evolution Equity Partners, this funding round aims to support Protect AI’s efforts in advancing research and development to bolster the defenses of an increasingly expanding AI market.
The significance of this deal lies in the current surge of AI funding in virtually every industry. As a result, numerous companies are rushing to integrate AI systems into their operations. In fact, GlobalData estimates that between September 2022 and July 2023, there were over 338,000 social media posts related to generative AI alone. With AI regulation emerging as a hot topic worldwide, the associated risks are being addressed and explored. Therefore, the funding raised by Protect AI is crucial as it aims to tackle the weak points affecting AI security.
David Bicknell, Principal Analyst at GlobalData, expressed his belief that this $35 million fundraising round, led by Evolution Equity Partners alongside Salesforce Ventures and others, may pave the way for VC rounds from other funders interested in similar startups. Bicknell emphasized the importance of implementing security measures to safeguard AI systems, considering the potential risks associated with offensive cyber purposes and counteracting security threats.
Apart from Evolution Equity Partners, other key participants in the Series A funding round include Salesforce Ventures, as well as Protect AI’s existing investors: Acrew Capital, boldstart ventures, Knollwood Capital, and Pelion Ventures. Protect AI’s Co-founder and CEO, Ian Swanson, highlighted that the company was founded based on their experience in major machine learning and AI deployments globally. Swanson expressed that while AI offers tremendous value, it also comes with inherent risks. Protect AI’s mission is to assist customers in building a safer AI-powered world.
Richard Seewald, Founder and Managing Partner at Evolution Equity Partners, who also serves on the board of directors for Protect AI, acknowledged the immense challenges in AI and ML security. He noted that despite these challenges, no major cybersecurity vendor currently provides a solution to this problem.
Protect AI’s efforts to secure AI and ML systems are of paramount importance as they work towards mitigating potential risks and safeguarding valuable technologies. With substantial funding secured, Protect AI is well-positioned to continue its research and development, making significant contributions toward establishing a safe and secure AI landscape.
