Samsung Joins Funding for AI Security Startup Valued at $400 Million
Protect AI Inc., a security and artificial intelligence startup, has raised $60 million from investors betting that the intersection of AI and security will be big business.
Tweet on AI startup Protect
Samsung Joins Funding for AI Security Startup Valued at $400 Million, via Bloomberg#samsung #ai #startup https://t.co/oSycPmDlCT
— The_Journalbiz (@the_journalbiz) August 6, 2024
Bloomberg News on AI startup
The funding round, led by Evolution Equity Partners, values the startup at $400 million. That brings its post-money valuation, or value including dollars raised, to $460 million. New investors in the deal include 01 Advisors and Samsung Electronics Co., with participation from Salesforce Ventures, Boldstart Ventures and other existing backers.
“Every large company in the world is setting up a plan for 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.
