Protect AI, an AI and machine learning security firm founded in 2022 by former Amazon and Oracle engineers, has successfully raised $60 million in a Series B funding round, bringing its total funding to $108.5 million.

This funding announcement follows Protect AI's recent acquisition of SydeLabs, a San Francisco-based firm specializing in automated red teaming of generative AI systems.

The acquisition of SydeLabs, which developed the SydeBox product for identifying vulnerabilities in generative AI systems, will enhance Protect AI's offerings.

SydeBox will be integrated into Protect AI's platform and rebranded as Protect AI Recon, aimed at improving security for large language models (LLMs).

The new funding will be allocated to enhance the AI Security Posture Management (AI-SPM) platform, expand sales and customer support teams, and boost research and development.

Protect AI's AI-SPM platform has expanded from one product to five, making it the most extensive AI security solution available.

The Protect AI Recon platform specifically addresses critical security issues such as jailbreaks and prompt injection attacks, covering six of the OWASP Top 10 vulnerabilities for LLM applications.

Currently, Protect AI employs 75 people across Seattle, Berlin, and Bangalore, with plans to hire an additional 50 employees by the end of the year.

CEO Ian Swanson emphasized the increasing need for security in AI deployments across various industries, stating that the funding will help extend the company's technology lead.

The Series B funding round was led by Evolution Equity Partners, with participation from notable investors including Samsung, Salesforce Ventures, and Acrew Capital.

The surge in funding for AI startups is notable, with nearly one-third of all venture capital raised in Q2 2024 going to this sector.