Samsung joins $60 million Series B funding for cybersecurity firm Protect AI

Industry

Samsung joins $60 million Series B funding for cybersecurity firm Protect AI

Published: 02 Aug. 2024, 15:21

LEE JAE-LIM
lee.jaelim@joongang.co.kr

From left, Protect AI Chief Technology Officer Badar Ahmed, President Daryan Dehghanpisheh and CEO Ian Swanson. [PROTECT AI]

Samsung Electronics participated in $60 million in funding for U.S. cybersecurity and AI startup Protect AI, according to Bloomberg report on Friday.

The Series B funding concluded on Thursday amounting to $60 million, led by Evolution Equity Partners. It included new investors such Samsung and 01 Advisors, as well as participation from existing backers like Salesforce Ventures and Boldstart Ventures.

The proportion of funding by investor were not mentioned.

A Samsung Electronics spokesperson did not comment on the matter when pressed for clarification.

Led by former AI executives from Oracle and Amazon, the Seattle-based company was founded in 2022 to offer solutions in protecting machine learning models and AI systems for clients in the private and public sectors.

The company has raised a total of $108.5 million to date, and is valued at $400 million.

“AI is being deployed across every industry at an accelerating pace, and organizations have realized they need security guardrails for these systems that are not being covered by incumbent security providers,” Protect AI CEO and co-founder Ian Swanson said in a statement.

Protect AI will use the funding to finance its AI security management platform, advance research and development, and strengthen channel programs.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]