Total amount raised
$108.5 Millions
Latest funding date
Location
Protect AI has successfully raised $60 million in Series B financing, attracting a diverse group of 13 investors, including boldstart ventures and Pelion Venture Partners. The platform focuses on managing security risks and defending against AI-specific threats through innovative tools like Guardian, Layer, and Recon.
Keep reading to explore the intricacies of Protect AI's fundraising journey and the investors backing this cutting-edge cybersecurity platform.
What Is Protect AI?
Founded in 2022, Protect AI is headquartered in Seattle, Washington, with additional offices in Berlin and Bangalore. The company was established by Badar Ahmed, Daryan (D) Dehghanpisheh, and Ian Swanson.
Protect AI specializes in cybersecurity solutions tailored for AI and machine learning applications. Their suite of products includes tools like Radar, Guardian, and LLM Guard, which help secure AI and ML models throughout their lifecycle.
With a team of 51-100 employees, Protect AI integrates its solutions with existing AI and security operations to enhance operational efficiency and ensure compliance with global data security standards.
How Much Funding Has Protect AI Raised?
- Seed Round
- Amount Raised: $13.5M
- Date: December 2022
- Lead Investors: Acrew Capital, boldstart ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop initial AI security products.
- Series A
- Amount Raised: $35M
- Date: July 2023
- Lead Investors: Evolution Equity Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To solidify leadership in the AI security market and expand product offerings and customer base.
- Series B
- Amount Raised: $60M
- Date: August 2024
- Lead Investors: Evolution Equity Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the AI security posture management platform, expand customer success and sales resources, advance R&D, and strengthen channel programs.
Total Amount Raised: $108.5M. Current Valuation: Not publicly disclosed.
Key Investors
- Evolution Equity Partners
- Details: Evolution Equity Partners is a venture capital firm headquartered in New York City, specializing in cybersecurity and enterprise software investments. Founded by Richard Seewald and Dennis Smith, the firm partners with rapidly growing software companies globally.
- Investment Focus Areas: Cybersecurity, enterprise software.
- Notable Investments: Onapsis, Quantexa.
- Acrew Capital
- Details: Acrew Capital is a venture capital firm that invests in early-stage technology companies. The firm focuses on building long-term partnerships with founders to help them scale their businesses.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Chime, Exabeam.
- boldstart ventures
- Details: boldstart ventures is a venture capital firm that focuses on seed and early-stage enterprise software startups. The firm is known for its hands-on approach in helping startups grow from inception to market leadership.
- Investment Focus Areas: Enterprise software startups.
- Notable Investments: BigID, Snyk.
- Pelion Venture Partners
- Details: Pelion Venture Partners is a venture capital firm that invests in early-stage technology companies. The firm has a history of supporting innovative startups through their growth phases.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: Red Canary, Cloudflare.
- Salesforce Ventures
- Details: Salesforce Ventures is the investment arm of Salesforce, focusing on enterprise cloud companies. The firm aims to accelerate the growth of the next generation of enterprise technology.
- Investment Focus Areas: Enterprise cloud companies.
- Notable Investments: Zoom, DocuSign.
What's Next for Protect AI?
With the recent $60 million Series B funding, Protect AI is poised to capitalize on the burgeoning AI security market. The company plans to enhance its AI security posture management platform, expand customer success and sales resources, and advance research and development. This growth trajectory is supported by a 300% year-over-year team expansion and plans to add 50 more employees by the end of 2024.
Future fundraising opportunities seem promising as Protect AI continues to innovate and expand its product offerings. The company’s comprehensive AI security solutions, already trusted by national security organizations and Fortune 500 companies, position it well for further investment rounds. However, challenges such as rapid technological advancements and competition in the AI security market will require continuous innovation and strategic acquisitions to maintain its leadership position.
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