WA-based Protect AI, a security and artificial intelligence startup, has raised $60 million from investors, betting that the intersection of AI and security will be big business.
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The funding round, led by Evolution Equity Partners, values the startup at $400 million. New investors in the deal include 01 Advisors and Samsung Electronics Co., with participation from Salesforce Ventures, Boldstart Ventures, and other existing backers.
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“Every large company in the world is setting up a plan for the security of AI,” said Ian Swanson, the company’s co-founder and chief executive officer. Swanson also said that the startup had been approached by public companies about a possible acquisition but that it has no plans for a sale right now. “We are going to lead this category and grow as big as we possibly can.”
As more businesses build their own AI and incorporate the systems into their processes, there’s a growing need to protect those systems, the company says. Its tools are used by large corporations and public sector customers to secure machine learning models and AI applications, Protect AI said.
Richard Seewald, founder and managing partner at Evolution Equity, said he expects the sector to grow. “There should be no AI in any enterprise without security AI” to counterbalance it, Seewald said. “For cybersecurity, this is the next big market.”
About Protect AI
Founded in 2022, Protect AI is a cybersecurity company focused on AI and ML systems. Through the delivery of innovative security products and thought leadership in MLSecOps, we help our customers build a safer AI-powered world.
Protect AI is based in Seattle, Washington, with offices in Dallas, Texas, and Raleigh, North Carolina. The company is directed by proven leaders in AI and ML with funding from successful venture partners in cybersecurity and enterprise software.
