News and Insight - Mindgard Raises $8M for AI Security Innovation

Source: Mindgard

Mindgard Raises $8M to Safeguard AI with Industry-First AI Security Solution

Mindgard has secured $8 million in funding to accelerate research and development and expand into the U.S. market. With industry-first solutions, Mindgard is setting the standard for safeguarding AI systems from emerging security risks. In this article, you’ll learn about their ground-breaking technology, market-leading vision, and the significance of this milestone in AI security.

The $8 Million Milestone and Strategic Growth

The funding round, led by .406 Ventures with contributions from Atlantic Bridge, Willowtree Investments, IQ Capital, and Lakestar, is a pivotal step in Mindgard’s growth. This capital will not only support the company’s research and development but also fuel its North American expansion.

To bolster this growth, Mindgard has welcomed two key industry leaders:

• Dave Ganly, former Director of Product at Twilio, now Head of Product.
• Fergal Glynn, previously CMO at Next DLP, acquired by Fortinet, now VP of Marketing.

Their combined expertise will strengthen product development and establish a robust leadership presence in Boston, a critical market for AI innovation.

Addressing the Unique Security Risks of AI

AI introduces new and complex risks that traditional security tools are ill-equipped to address. Gartner research highlights the severity of these risks:

• 29% of enterprises deploying AI systems have reported security breaches.
• Only 10% of internal auditors have visibility into AI-related risks.

Unique challenges, such as LLM prompt injections and AI jailbreaks, exploit AI’s probabilistic and opaque nature, often appearing only at runtime. These vulnerabilities demand a fundamentally new approach to security.

Revolutionizing AI Security with DAST-AI

Mindgard’s award-winning Dynamic Application Security Testing for AI (DAST-AI) solution is at the forefront of addressing these challenges. This cutting-edge technology provides:

• Continuous Security Testing: Essential for gaining risk visibility throughout the AI lifecycle.
• Integration into Existing Workflows: Seamlessly supports security teams, developers, AI red teamers, and pentesters without disrupting the workflow.
• Actionable Insights: Identifies AI-specific vulnerabilities during runtime to prevent exploitation.

Industry Backing and Vision

Greg Dracon, Partner at .406 Ventures, emphasized the importance of Mindgard’s innovative approach:

“Mindgard equips security teams and developers with the tools they need to deliver secure AI systems. They are well-positioned to lead this emerging market and we are thrilled to partner with them on this journey.”

Dr. Peter Garraghan, CEO of Mindgard, added:

“All software has security risks, and AI is no exception. Mindgard was created to tackle these unique challenges, ensuring a safer and more secure future for AI. We’re proud to lead the charge toward creating a safer, more secure future for AI.”

About Mindgard

Mindgard is the leader in Artificial Intelligence Security Testing. Founded at Lancaster University and backed by cutting edge research, Mindgard enables organizations to secure their AI systems from new threats that traditional application security tools cannot address. Its industry-first, award-winning, Dynamic Application Security Testing for AI (DAST-AI) solution delivers continuous security testing and automated AI red teaming across the AI lifecycle, making AI security actionable and auditable.

Mindgard joined Level39 in 2023 and have shown significant growth since occupying Level39’s office space on our 24th floor.