Protect AI Raises $60M in Series B Financing

Summary: Protect AI, a Seattle-based AI and machine learning security firm, has successfully raised $60 million in Series B funding to enhance its security platform and expand its operations. The company aims to bolster its AI Security Posture Management capabilities to help organizations secure their AI applications against emerging threats.

Threat Actor: N/A | N/A
Victim: N/A | N/A

Key Point :

• Protect AI raised $60M in Series B funding led by Evolution Equity Partners.
• The funds will be used to enhance their AI security posture management platform and expand customer support.
• Protect AI acquired SydeLabs to further assist customers in securing AI environments and GenAI applications.
• The platform is designed to provide end-to-end visibility and governance for AI/ML systems.

Protect AI, a Seattle, WA-based artificial intelligence (AI) and machine learning (ML) security company, raised $60M in Series B funding.

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.

The company, which has raised a total of $108.5M, intends to use the funds to enhance its AI security posture management platform, expand customer success and sales resources, advance R&D, and strengthen channel programs.

Protect AI empowers organizations to secure their AI applications with comprehensive AI Security Posture Management (AI-SPM) capabilities, enabling them to see, know, and manage their ML environments effectively. The Protect AI Platform offers end-to-end visibility, remediation, control, and governance, safeguarding AI/ML systems from security threats and risks. The Protect AI security posture management (AI-SPM) platform is now used by private and public sector customers to secure traditional ML models, LLMs, ML systems, and AI applications.

To further assist customers in securing their AI environments and GenAI applications, Protect AI acquired SydeLabs prior to the funding and closing of its Series B investment round.

The company is headquartered in Seattle, with offices in Berlin and Bangalore.

FinSMEs

01/08/2024

Source: https://www.finsmes.com/2024/08/protect-ai-raises-60m-in-series-b-financing.html