Seattle-based cybersecurity startup, Protect AI, has recently secured $35 million in funding to further enhance the deployment of its platform aimed at bolstering machine learning code security for enterprises. The company offers software solutions that enable organizations to monitor and safeguard the various layers and components of their machine learning systems, by detecting potential violations and logging information on any attacks. Protect AI primarily caters to large enterprises in regulated industries such as finance, healthcare, life sciences, energy, government, and tech.
The recent influx of funding comes amidst the increasing significance of artificial intelligence (AI) in enterprise-level operations. Many executives are compelled to integrate AI technologies into their product suites, which in turn exposes them to elevated risks. Protect AI’s CEO, Ian Swanson, explained that AI is rapidly advancing and becoming an integral part of organizations, necessitating the need to ensure its maintenance and understanding.
According to a survey conducted by KPMG, only 6% of organizations currently have a dedicated team in place to evaluate and implement risk mitigation strategies as part of their overall generative AI strategy. This highlights the urgent need for cybersecurity measures in the AI space.
At the same time, companies of all sizes are facing an escalating number of cyber threats, which puts pressure on executives to heavily invest in their security systems. McKinsey and Co. predicts that businesses will spend over $100 billion on cybersecurity services by 2025. Protect AI aims to address this growing concern by providing a comprehensive solution that tracks and safeguards the entire machine learning supply chain.
Protect AI’s flagship product, AI Radar, creates a machine learning bill of materials, which tracks the various components of a company’s software supply chain, including operations tools, platforms, models, data, services, and cloud infrastructure. Swanson compares this process to regular automotive maintenance, where constant checks are required for tires, brakes, and fuel usage. By understanding the ingredients and recipe of the machine learning system, Protect AI aims to prevent unauthorized access, intellectual property theft, and code injection.
Protect AI has already made significant contributions to the cybersecurity community by identifying vulnerabilities in widely-used machine learning platforms. For instance, the company discovered a vulnerability in MLflow, a popular machine learning lifecycle platform used by major companies like Walmart, Time Warner, and Prudential. The flaw, if left unpatched, would have allowed unauthenticated hackers to access and potentially inject malicious code into any file accessible on a user’s MLflow server.
After presenting its findings in March, Protect AI’s efforts prompted MLflow to update its platform within a few weeks, mitigating the potential risk for users. This proactive approach highlights Protect AI’s commitment to staying ahead of emerging threats and ensuring the security of machine learning systems.
Protect AI operates in a competitive landscape that includes several well-funded startups specializing in AI cybersecurity. For example, Hidden Layer raised $6 million in funding for its tool that detects attacks on AI models, while Robust Intelligence secured $30 million for its product aimed at stress testing AI models. CalypsoAI recently obtained $23 million to support its tool that validates and monitors AI apps during development.
Despite the strong competition, Protect AI distinguishes itself by tracking the entire machine learning supply chain, from the initial training sets to the ongoing use of the model. By offering end-to-end visibility and security solutions, Protect AI provides comprehensive protection for organizations relying on AI technologies.
Protect AI’s leadership team consists of industry veterans with extensive experience in AI and cybersecurity. CEO Ian Swanson has a track record of successful startups, with prior ventures such as Sometrics and DataScience.com, which were later acquired by American Express and Oracle, respectively. Swanson has also held AI leadership roles at AWS and Oracle. He is joined by CTO Badar Ahmed, a former engineering leader at Oracle and DataScience, and President Daryan Dehghanpisheh, a former leader at AWS. Currently, the company employs 25 individuals, up from 15 at the time of its seed round funding in December, which raised $13.5 million.
The recent Series A funding round, led by Evolution Equity Partners, saw participation from Salesforce Ventures and existing investors Acrew Capital, Boldstart Ventures, Knollwood Capital, and Pelion Ventures. With the latest funding, Protect AI has raised a total of $48.5 million to date, enabling the company to expand its operations and enhance its cybersecurity offerings.
Protect AI is well-positioned to capitalize on the growing demand for AI security solutions, as more organizations recognize the critical importance of protecting their machine learning code. As AI continues to advance and permeate various industries, the need for robust cybersecurity measures becomes paramount.
Protect AI’s recent funding success highlights the increasing awareness of AI security risks and the importance of proactive measures to protect machine learning code. With its comprehensive platform, AI Radar, Protect AI offers organizations a means to monitor, detect, and mitigate potential threats throughout the machine learning supply chain.
As the AI landscape continues to evolve, organizations must prioritize cybersecurity to protect their intellectual property and maintain trust with customers. Protect AI’s innovative solutions and dedication to identifying vulnerabilities and promoting prompt action position it as a key player in the AI cybersecurity space.
By securing funding and expanding its operations, Protect AI is poised to make a significant impact in the field of AI security, enabling organizations to harness the power of AI while minimizing potential risks. The future of AI looks promising, with companies like Protect AI leading the charge in safeguarding the potential of this transformative technology.
FAQ
1. What does Protect AI do?
Protect AI is a cybersecurity startup that provides software solutions to help enterprises monitor and secure their machine learning code. Their flagship product, AI Radar, tracks the components of a company’s software supply chain to detect potential violations and log information on attacks, offering end-to-end visibility and security solutions.
2. Who are Protect AI’s competitors?
Protect AI faces competition from other well-funded startups in the AI cybersecurity space. Some notable competitors include Hidden Layer, which focuses on detecting attacks on AI models, Robust Intelligence, which stress tests AI models, and CalypsoAI, which validates and monitors AI apps during development.
3. Who are the leaders at Protect AI?
Protect AI’s leadership team consists of CEO Ian Swanson, CTO Badar Ahmed, and President Daryan Dehghanpisheh. Ian Swanson has prior experience in successful startups, with Sometrics and DataScience.com as notable examples, while Badar Ahmed and Daryan Dehghanpisheh bring extensive expertise from their roles at Oracle and AWS, respectively.
4. How much funding has Protect AI raised?
In its recent Series A funding round, Protect AI raised $35 million. With this funding, the company has raised a total of $48.5 million to date. The funding will support the company’s growth and further development of its cybersecurity offerings.
5. What industries does Protect AI primarily serve?
Protect AI primarily sells its software solutions to large enterprises in regulated industries such as finance, healthcare, life sciences, energy, government, and tech. These industries are particularly vulnerable to cybersecurity threats and require robust security measures for their machine learning code.
6. What is the significance of AI security in organizations?
As artificial intelligence becomes increasingly integrated into enterprise-level operations, the significance of AI security grows. Organizations must protect their machine learning code from unauthorized access, intellectual property theft, and code injection. Failure to do so can result in severe consequences, including financial loss and reputational damage.
7. How does Protect AI contribute to the cybersecurity community?
Protect AI actively contributes to the cybersecurity community by identifying vulnerabilities in widely-used machine learning platforms. For example, the company identified a vulnerability in MLflow, prompting the platform to update its system and mitigate potential risks for users. Protect AI’s proactive approach helps ensure the security of machine learning systems and fosters a safer environment for organizations relying on AI technologies.
First reported by Geek Wire.
The post AI Startup Secures $35 Million Funding in Fortifying Machine Learning Code Security appeared first on KillerStartups.
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