29 March 2024 – AI security and risk management startup SydeLabs has raised $2.5 Mn in seed funding to enhance its suite of solutions safeguarding AI adoption by enterprises.
Funding Details:
The seed funding round was led by RTP Global, with Picus Capital and angel investors also participating, enabling SydeLabs to focus on product development and research. Founded by Ruchir Patwa and Ankita Kumari, SydeLabs aims to address cyber threats associated with AI adoption, leveraging their expertise from their previous roles at MPL.
Unique Challenges in AI Security:
Kumari highlighted the unique challenges in AI security, emphasizing the need for specialized guardrails beyond traditional cybersecurity due to AI’s probabilistic nature. SydeLabs is developing three products: SydeBox for automated AI application scanning, SydeGuard for real-time security assessment, and a compliance-based product to ensure regulatory adherence.
Market Potential and Growth Plans:
With the growing adoption of AI across sectors, SydeLabs aims to capitalize on the generative AI boom, targeting an annual revenue of $1 Mn by 2024 through research-driven product development. RTP Global’s Asia Investment team expressed confidence in SydeLabs’ vision and approach, backing the startup early in its journey to set new standards for secure AI applications.
Conclusion:
SydeLabs’ innovative approach to AI security reflects the evolving landscape of technology, emphasizing the critical need for robust solutions in the era of AI-driven advancements across industries.
