TrojAI Raises $5.75M in Seed Funding to Secure AI in the Enterprise

SAINT JOHN, New Brunswick and BOSTON, April 3, 2024 — TrojAI, a leading provider of enterprise artificial intelligence (AI) security solutions, today announced a US$5.75 million funding round of additional seed capital and the appointment of Lee Weiner as the company’s CEO.

The funding round was led by existing investor Flying Fish with participation from current investors including Build Ventures and Techstars, as well as new investors Alteryx Ventures and Flybridge Capital Partners. The additional capital will help TrojAI build on its success, grow, and continue to enable enterprises to secure AI models and applications. It will support product development, sales, and marketing efforts. To meet growing global demand, TrojAI will also expand its operations to the U.S. with a new office in Boston, Massachusetts.

“As enterprises rush to adopt secure AI solutions, few companies are as fully equipped to meet the demand as TrojAI in this virtually limitless market. Flying Fish has great confidence in their newly expanded team, continued progress, and future outlook,” said Frank Chang, Co-Founder and Managing Partner, Flying Fish.

Weiner joins the company as CEO to drive continued growth and enterprise adoption of TrojAI. He brings more than 25 years of B2B software experience, with an extensive background in the cybersecurity sector. Weiner has significant experience leading early and growth stage companies to initial public offering (IPO) and beyond. Prior to joining TrojAI, Weiner was a senior executive at Rapid7 for 11 years, leading products, engineering, and innovation as the company scaled from $40 million to over $750 million in revenue. Earlier, he held senior roles with LogMeIn, Symantec, and Netegrity.

“Stephen Goddard and I founded TrojAI to address a critical need for security around AI deployments,” said James Stewart, CTO and Co-Founder of TrojAI. “As we enter a new growth phase, it’s the right time to add a seasoned leader to our executive team that has experience with rapidly scaling businesses. Lee’s background and expertise will be instrumental as we continue our mission of securely enabling AI for the enterprise. We could not have found a better fit than Lee.”

AI is transforming the enterprise by enabling limitless new use cases that increase productivity and customer value. AI also presents increased risks and threats that must be managed and mitigated. TrojAI is a comprehensive AI security platform for businesses that assesses risks of models prior to deployment and protects AI applications once they are in production. The new funding will support the expansion of the business and its AI/Machine Learning (ML) solutions.

“I am thrilled to join the TrojAI team at this exciting time. AI and cybersecurity are top priorities for enterprises,” said Weiner. “As the threat landscape is constantly escalating and evolving, integrating AI in a secure way is critical. This investment allows TrojAI to build on its strong foundation to help customers accelerate digital transformation.”

TrojAI has also added new board member, Chip Hazard, General Partner and Co-Founder of Flybridge Capital Partners. Chip brings extensive experience investing in technology companies and serving on boards, including MongoDB and Nasuni.

“AI is both a force multiplier and a challenge for businesses today, and TrojAI is helping to solve the critical issue of security. We are impressed with the depth of the team’s expertise and the company’s production deployments, which include implementation at one of the largest financial services companies in the world. We are excited to work with TrojAI as they expand into the US and grow the business,” said Hazard.

“Data and analytics are driving the vanguard of AI adoption. However, to see broad acceptance, every IT leader needs easy to deploy, high performance systems to secure AI. TrojAI’s approach, particularly TrojAI’s firewall product, is a perfect fit for that need, with the adaptable filtration and performance for AI at scale,” said Resham Mehta, VP Corporate Development and Head of Alteryx Ventures, Alteryx.

About TrojAI

TrojAI provides a comprehensive AI security platform to protect AI/ML applications and infrastructure. The best-in-class platform empowers enterprises to safeguard applications from real-time threats with TrojAI’s firewall. Penetration test models and remediation guidance delivered prior to deployment further mitigate risk. Built by data scientists and cybersecurity experts, TrojAI meets the needs of the largest enterprises with scalability, performance, and extensibility.

Source: TrojAI