Mindgard secures $8m to expand AI security solutions and market reach

Mindgard, a UK-based startup specialising in AI security, has secured $8 million in seed funding led by US investors .406 Ventures, alongside Atlantic Bridge, Willowtree Investments, and existing investors IQ Capital and Lakestar.

The Lancaster University spin-off aims to enhance its research and development endeavours and extend its presence into the United States. This funding round also coincides with the company's strategic appointments of Dave Ganly as Head of Product and Fergal Glynn as Vice President of Marketing, both of whom will aid Mindgard's expansion efforts into the North American market from their base in Boston.

Mindgard's flagship offering, the Dynamic Application Security Testing for AI (DAST-AI) solution, addresses runtime vulnerabilities unique to AI systems that are not catered for by traditional security tools. The solution supports enterprises that either build AI models internally or integrate third-party AI, covering the AI lifecycle from development to deployment and use.

Recent findings by Gartner indicate that 29% of enterprises using AI systems have experienced security breaches, and a mere 10% of internal auditors are aware of associated risks. These statistics underscore the necessity for specialised AI security measures, as conventional security protocols often fall short when addressing risks like LLM prompt injection and jailbreaks that arise from AI's probabilistic and opaque nature.

Greg Dracon, Partner at .406 Ventures, commented on the rapid adoption of AI and its resultant security challenges. "The rapid adoption of AI has introduced new and complex security risks that traditional tools cannot address," he said. "Mindgard's innovative approach, born out of the distinct challenges of securing AI, equips security teams and developers with the tools they need to deliver secure AI systems. Mindgard is well-positioned to lead this emerging market and we are thrilled to partner with them on this journey."

Dr. Peter Garraghan, Chief Executive Officer of Mindgard and a Professor at Lancaster University, emphasised the unique security concerns associated with AI. "All software has security risks, and AI is no exception," Garraghan stated. "The challenge is that the way these risks manifest within AI is fundamentally different from other software. Drawing on our 10 years of experience in AI security research, Mindgard was created to tackle this challenge. We're proud to lead the charge toward creating a safer, more secure future for AI."

Mindgard revolutionises AI security testing and automated AI red teaming through its DAST-AI solution, offering vulnerabilities detection specifically during an AI system's runtime. This initiative allows security professionals to maintain the integrity of AI operations without interrupting existing workflows.

Mindgard is a specialist in Artificial Intelligence Security Testing. Founded at Lancaster University and backed by cutting edge research, Mindgard enables organisations to secure their AI systems from new threats that traditional application security tools cannot address. Its 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.