Skip to content

Tech Sector News

Get the latest stories and announcements from New Brunswick’s diverse and thriving digital ecosystem.

TROJAI SECURES $3 MILLION IN SEED FUNDING TO PROTECT AI SOLUTIONS AGAINST SECURITY THREATS

Author: BetaKit

TrojAI maintains cyber attacks on self-automated cars could pose a public danger.

EsMS-PcW8AYVjIr-1

The artificial intelligence (AI) protection startup TrojAI Inc. has secured $3 million in seed funding.

Seattle’s Flying Fish Ventures and the Atlantic Canada venture capital fund Build Ventures led the round with participation from Techstars, Concrete Ventures, and the New Brunswick Innovation Foundation. The round closed on December 21, 2021.

“As more companies speed to get AI solutions to market, few are prepared for, or even aware of the very real security threats.”
– Frank Chang, Flying Fish

TrojAI develops solutions to protect AI platforms from adversarial attacks on training data and AI models, such as poisoning or embedded Trojan and evasion attacks.

The new funds will go toward increasing protection against security threats to AI platforms, and hiring new staff. TrojAI CEO James Stewart told BetaKit that the company has already added four people to its team of eight, and over the next six months plans to bring on two or three more new staff.

Among the potential threats the company identifies are embedded Trojan attacks on self-automated cars that could confuse their systems and endanger public safety; and new attacks on robotics as AI is added to the Internet of Things solutions.

“As more companies speed to get AI solutions to market, few are prepared for, or even aware of the very real security threats that can be introduced with malicious data injected into training sets,” said Frank Chang, managing partner at Flying Fish. “TrojAI is the only company we’ve seen that has the team and technology to identify and remove it.”

The startup said that it is moving to expand its security protections for AI even while governments push for more stringent regulations around the responsible use of AI.

The federal Office of the Privacy Commissioner of Canada has been looking at policies around AI, andexpressedits concerns over its use: “We are paying specific attention to AI systems given their rapid adoption for processing and analysing large amounts of personal information. Their use for making predictions and decisions affecting individuals may introduce privacy risks as well as unlawful bias and discrimination.”

The European Union is more advanced in its legislation and has introduced a legal framework for AI as well as the algorithmic accountability act that can provide fines up to six percent of a company’s revenues if it’s found that a firm wasn’t rigorous with its use of AI.

This is Stewart’s second AI startup. His first venture, EhEye, a video threat recognition software company, wasacquiredby Patriot One Technologies for $3.6 million in stock. Stewart served as the senior vice president of video analytics at Patriot One.

It was during this time that Stewart increasingly became aware of the vulnerabilities of AI systems to adversarial attacks. These attacks are sector agnostic impacting autonomous transport, robotics, FinTech, medtech and defence applications, according to Stewart.

TrojAI previously closed a$750,000 CAD equity fundinground in early 2021. Techstars AI was first to commit to the funding, with follow-on by the New Brunswick Innovation Foundation, Concrete Ventures, and multiple angel investors.

Over the past year, TrojAI has participated in the Techstars Montréal AIaccelerator, the Rogers Cyber Catalyst program out of Ryerson University, the Global Affairs Canadian Technology Accelerator (CTA) for Cybersecurity, and is currently working with Venture Lab and Creative Destruction Labs.

Author

Charles Mandel

Charles Mandel

Charles Mandel's reporting and writing on technology has appeared in Wired.com, Canadian Business, Report on Business Magazine, Canada's National Observer, The Globe and Mail, and the National Post, among many others. He lives off-grid in Nova Scotia.


Read the original article here
 
Check out their profile on CollabHub here