Seattle’s cybersecurity startup Protect AI continues to gain momentum with its latest financial milestone.
On Thursday, the company announced an impressive $60 million Series B funding round, spearheaded by Evolution Equity Partners. This New York-based firm had also led the $35 million Series A round just a year ago.
This recent funding influx saw contributions from a diverse group of investors, including 01 Advisors, StepStone Group, Samsung, Acrew Capital, boldstart ventures, Knollwood Capital, Pelion Ventures, and Salesforce Ventures.
In addition to securing this new investment, Protect AI has expanded its capabilities this year by acquiring Laiyer AI and SydeLabs.
Established in 2022 by former engineering leaders from Amazon and Oracle, Protect AI specializes in enhancing the security of machine learning and AI systems for various organizations. The company offers five distinct products, catering to a wide range of clients from national security agencies to Fortune 500 companies.
Bloomberg has reported the current valuation of Protect AI at $400 million.
AI startups have increasingly dominated funding landscapes in recent years. According to CBInsights, these ventures accounted for nearly a third of all investment dollars in the second quarter.
Cybersecurity startups remain particularly attractive to investors. Crunchbase noted a 144% surge in funding for these startups in Q2. Recently, another Seattle-area startup, Chainguard, raised $140 million, reaching a valuation of $1.12 billion.
Ian Swanson, CEO and co-founder of Protect AI, emphasized the critical need for robust security measures in AI deployment across industries. “As AI continues to integrate into various sectors, the necessity for specialized security solutions becomes evident. Current security providers often overlook these needs,” Swanson stated.
Swanson is a seasoned entrepreneur with a history of successful ventures. His first startup, Sometrics, was a virtual currency platform acquired by American Express in 2011. He later founded DataScience, a cloud workspace platform acquired by Oracle in 2018. Swanson has also held AI leadership roles at AWS and Oracle.
He is joined by co-founders Badar Ahmed, an ex-engineering leader at Oracle and DataScience, and Daryan Dehghanpisheh, a former AWS leader.
Protect AI had previously acquired Rebuff and Huntr, further solidifying its market position.
With a team of 75 employees spread across Seattle, Berlin, and Bangalore, Protect AI plans to expand by hiring an additional 50 people this year. The total funding raised to date amounts to $108.5 million.
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