NEW YORK and HAMBURG, Germany, July 25, 2024 — Freestyle Chess, a groundbreaking new venture founded by Magnus Carlsen and Jan Henric Buettner, announced today that it is raising €10 million in funding from Left Lane Capital. This significant investment will be used to establish a leading tournament series that aims to revolutionize the world of chess.

The event series will showcase the world’s best chess players, each with compelling stories, in a completely new and attractive format for media, spectators, and consumers. The 25 Super Grand Masters currently representing the total of the Freestyle Chess Players Club all have an ELO rating above 2725. The world’s top-players will be front and center to this new, mass-market-oriented chess series, where nine Super Grand Masters are handpicked by Magnus Carlsen, who has committed himself to playing Freestyle Chess exclusively at the Grand Slam series. All tournaments will be held in exclusive venues with an aura of luxury and style, with all games played according to chess960 rules. Freestyle Chess already had a tournament in February as a blueprint that set the bar high.

The company will organize six to eight Freestyle Chess Grand Slam tournaments per year across all continents, introducing Freestyle Chess as an exciting new global event series. The prize funding for the tournaments that will be distributed among the players has been set to $750,000 for each of the first three events, and $1 million for every tournament thereafter. Freestyle Chess maintains the core elements of traditional chess but with a twist: the back row is randomized. This setup is Fischer Random and adds new strategic elements and unpredictability to the game, fostering a fresh era of competitive play.

“Chess needs to evolve into a more dynamic and captivating spectacle, one that allows players to showcase their skills from the first move,” says Magnus Carlsen, Co-founder of Freestyle Chess, who has been instrumental in shaping the format for Freestyle Chess competitions. “Modern chess variants like Fischer Random will define the future of chess, which needs to evolve to more thrilling gameplay.”

Jan Henric Buettner and Magnus Carlsen are opening up a new chapter in the history of chess. Jan Henric Buettner, German Entrepreneur, founded and led AOL Europe in the mid-1990’s and started Headline VC where he managed over a billion euros in startup investments, including GoTo Meeting, Groupon, and Sonos. His co-founder, Magnus Carlsen, a chess prodigy, became a grandmaster at the age of 13 and has held the number one spot in the FIDE world chess rankings since 2011. He is considered one of the greatest chess players of all time.

Harley Miller, CEO and Managing Partner of Left Lane Capital, recognizes the immense potential of this innovative chess format and remarked, “Any time you have the best athletes in the world competing at the absolute highest standard of play, coupled with more avant garde storytelling and showmanship, you inherently will build something of great consequence. Freestyle Chess has the potential to become a mainstream sporting spectacle, akin to Formula 1, or ATP Tennis.”

This new capital will be used to fuel the development of Freestyle Chess, organize and host the inaugural Grand Slam tournaments across different continents, enhance the digital experience and develop new product features, hire additional team members across various functions, and increase marketing efforts to grow the reach of the game.

Freestyle Chess: www.freestyle-chess.com

ABOUT LEFT LANE CAPITAL

Founded in 2019, Left Lane Capital is a New York and London-based global venture capital and growth equity firm investing in internet and technology companies with a consumer orientation. Left Lane’s mission is to partner with extraordinary entrepreneurs who create category-defining companies across growth sectors of the economy, including software, healthcare, e-commerce, consumer, fintech, medtech, and other industries. Select investments include Kings League, LOVB, Bilt Rewards, Blank Street, M1 Finance, Wayflyer, Masterworks, Talkiatry, Kittl, and more. For more information, please visit www.leftlane.com.

Media Contact: 
[email protected]

SOURCE Left Lane Capital

New financing and underwriting relationships enable customers to accelerate cloud investments using Archera’s first-of-a-kind cloud insurance and financing products

SEATTLE, July 25, 2024 — Archera, a leading provider of cloud purchasing and management solutions, announced today closing a $17 million Series B round accompanied by access to over $100 million in reinsurance capacity. This empowers the company to pioneer insurance and financing solutions that enable flexible and cost-effective cloud resource procurement.

Built for cloud engineering, DevOps, and FinOps and finance teams that need to efficiently purchase and manage cloud resources, Archera’s free management platform and unique commitment insurance and financing products bring flexibility, control, and automation to the process of buying public cloud resources—enabling teams to reduce the risk of overcommitment while optimizing rates.

Archera provides cloud discount automation and FinOps visibility at no cost, enabling customers to save millions without any fees. Unlike other FinOps solutions, Archera generates revenue solely through unique products that transparently extend vendor-native solutions, creating new, automatable savings strategies. Archera’s current offerings include:

• Free Cloud Management Platform: Comprehensive management for Savings Plans Reserved Instances, and Committed Use Discounts, cost and usage visibility, and long-term forecasting and assessments.
• Insured Commitments: Save on all reservable AWS and Azure services with commitment terms as brief as 30 days.

“Effective cloud management involves more than just cost oversight and automation of existing cost savings tools from cloud vendors like AWS,” said Aran Khanna, CEO of Archera. “It requires new primitives that solve the financial uncertainties of committing to cloud resources. At Archera, we redefine cloud cost management by introducing unique commitment insurance and financing solutions, easily accessed through a completely-free FinOps platform. Our latest funding round focuses on partners who enhance our offerings, enabling us to innovate further and drive significant savings and risk reduction for our clients.”

The equity round was led by HighSage Ventures with participation from Ridge Ventures, Amplify Partners, and PSL Ventures. Archera will be using the funding to accelerate multi-cloud offerings as well as offer new financial products.

“Archera is precisely what enterprise DevOps and Finance teams need to streamline cloud purchasing and management,” Mike Dauber, General Partner, Amplify Partners. “We’re thrilled to support Archera as they accelerate their delivery of unique insurance and financing solutions that redefine the landscape of cloud cost management.”

In addition to the venture capital investment, Archera is establishing a strategic relationship with Relm Insurance, enabling the company to expand its insurance underwriting capabilities.

This announcement comes on the heels of significant momentum for Archera. In the last year, the company has achieved 500 percent growth in revenue and reached net profitability. Archera has also expanded its customer roster by over 1,200 percent to include leading organizations like Hex, OctoAI, and numerous Fortune 500 companies. Additionally, this announcement will accelerate Archera’s partnerships with leading cloud providers such as AWS, further accelerating the company’s growth and market presence.

About Archera
Archera is a leading provider of cloud purchasing and management solutions. For more information, please visit https://archera.ai/.

SOURCE Archera

MIAMI, July 25, 2024 — NAVIGANTIS Inc. announced today that it has closed a $12 million Series A financing led by Puma Venture Capital, with participation from Cormorant Asset Management and Mirae Asset Capital. All existing NAVIGANTIS investors participated in the financing round. Amit Hazan, Founder and Managing Partner at Puma Venture Capital will join NAVIGANTIS Board of Directors.

Proceeds from the financing will be used to support the ongoing development and testing of the VASCO robot to bring it into first-in-human clinical trials in neurovascular procedures.

We are thrilled and fortunate to have the support of such esteemed partner investors who share our vision for revolutionizing neurovascular care with robotics,” said Mor Dayan, CEO of NAVIGANTIS.

Neurovascular diseases, including stroke, aneurysms, and Arteriovenous malformations (AVMs) are leading causes of death and disability worldwide. In the case of stroke, it affects someone in the US every 40 seconds, and is the leading cause of disability. Despite improvements in stroke systems of care, many Americans still lack timely access to acute stroke intervention. Mechanical Thrombectomy (MT) is now the gold standard for acute ischemic stroke. If a patient receives MT within 2 hours from symptoms onset it has a 90% chance of re-achieving independence, at 6 hours the number drops to 30%. These numbers reaffirm the importance to ensure the procedure is timely and widely available, which is currently constrained by the insufficient number of trained neurointerventionalists and the limited access outside urban areas.

Amit Hazan, Managing Partner at Puma Venture Capital added: “we are incredibly excited to support the NAVIGANTIS team in their mission to further improve stroke care via robotic applications. The use of robotics in the neurovascular space also opens the door to expanded access to care via telesurgery, and going beyond fixing blood vessels that are weakened or blocked to use the vascular route for other applications such as drug delivery and brain implants. All these advancements will ultimately help many neurovascular patients across the globe to live longer and healthier lives.”

As more endovascular procedures requiring fluoroscopy for imaging guidance are performed to treat neurovascular diseases, it has become vitally important to focus on decreasing the radiation exposure. The application of robotics for interventional procedures will greatly reduce it.

About NAVIGANTIS Inc.

NAVIGANTIS Inc. is developing an interventional robotic platform for a wide range of neurovascular procedures and indications, including Acute Ischemic Stroke.

For more information, visit www.navigantis.co and follow us on LinkedIn.

About Puma Venture Capital
Puma Venture Capital was co-founded by Amit Hazan and Dr. Vipul Patel in 2023. The firm seeks to leverage our network of surgeon venture partners to invest in all aspects of the digital surgery ecosystem that can accelerate the future of minimally invasive care, including robotics, diagnostics, therapeutics, AI analytics, and digital ecosystems, to drive improved patient outcomes and lower costs for all aspects of the healthcare system.

For more information, visit www.pumaventurecapital.com.

Media and investor contact: [email protected]

SOURCE Navigantis Inc.

Grazzy increases financial wellness across hospitality and service industries with its same-day-pay, banking and tipping solutions for any size business

AUSTIN, Texas, July 25, 2024 — Grazzy, the digital payments platform for hospitality and service-focused businesses today announced the completion of a $4MM Seed round with participation from AZ-VC, In Revenue Capital, Iron Skillet Partners, Tuesday Capital, and Next Coast Ventures. The latest funding will help Grazzy expand its team, accelerate new customer onboarding, and scale partnerships, integrations and go-to-market strategies to continue the company’s exponential growth.

Grazzy has grown its customer base 100x in the last 18 months, a reflection of confidence in the hospitality market that digital tipping is a powerful tool for labor retention, and that Grazzy’s uniquely flexible and scalable solution is the best fit for large enterprises. That enterprise trust in Grazzy was further reinforced last autumn, when the company became the only digital tipping provider to be approved by all four of the major global hotel brands.

“We’re meeting a seriously understaffed market with a solution that can truly deliver more money, more often to front-line employees,” says Grazzy Founder and CEO Russell Lemmer. “On the Grazzy platform, we’ve moved millions of dollars directly to thousands of worker wallets. And we did that while saving our enterprise customers thousands of dollars a month in recruitment and retention costs. This latest funding will support new customer acquisition, feature development, and ecosystem partner integrations that will further accelerate Grazzy’s remarkable growth.”

Grazzy’s innovative platform has proven clear benefits to its customers, enabling businesses to improve employee satisfaction and retention through efficient, same-day payment solutions. By addressing the industry’s need for modern, secure tipping options, Grazzy helps companies save on recruitment and retention costs while ensuring that front-line workers receive their earnings promptly.

“Carnation Auto Spa has experienced a remarkable boost in employee take-home pay since partnering with Grazzy,” said Drew Shepard, Operating Partner at Iron Skillet Partners and CEO for Carnation Auto Spa. “We’ve seen a 5x increase in tips and a 4x increase in the total value of tips earned by our staff. The addition of digital tipping options has also significantly improved safety across our 20+ locations in the Dallas-Fort Worth area by minimizing the amount of cash on-site and reducing the risk of theft.”

“AZ-VC is delighted to invest in Grazzy’s latest funding round. They are a power player in the market, offering modern solutions compared to the outdated habit of tipping cash. Grazzy’s ability to quickly and seamlessly scale across different areas and size of service makes them a valuable partner to any business looking to incorporate digital tipping solutions,” says Ashok Santhanam, Venture Partner at AZ-VC.

About Grazzy
Grazzy helps hourly employees make more money, access it the same day, and save and spend in more meaningful ways. By improving financial wellness for front line workers, Grazzy reduces retention and recruiting costs for hotels, bars, restaurants, salons, car washes, and more. Grazzy also benefits back of the house operations by providing assistance to ensure tax compliance, scaling for businesses of any size, and real-time assistance with an expert care team. Our extensible payments platform enables digital tipping, instant disbursements, and inclusive banking solutions that are built to scale with hospitality and services businesses of any size. To learn more visit https://www.grazzy.com.

About AZ-VC 
AZ-VC is Arizona’s largest venture capital fund. Founded in 2022, AZ-VC’s first fund of $115M invests in early-stage B2B software companies in Arizona and the broader Southwest. As a long-term partner to founders, AZ-VC’s investing team leverages deep operating experience and network to help startups with product-market fit grow into great companies. To learn more, visit azvc.com.

Media Contact:
Rick Medeiros
510-556-8517
[email protected]

SOURCE Grazzy

Building on a previous commitment of $40 million provided by Runway in 2023, the funding will enable Elevate’s continued growth and innovation in legal software and services.

MENLO PARK, Calif., July 25, 2024 — Runway Growth Capital LLC (“Runway”), a leading provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, announced today a $20 million growth capital commitment to Elevate, a leading provider of consulting, technology, and services for law departments and law firms. The investment upsizes the previous $40 million senior secured term loan provided by Runway in 2023.

“We are thrilled to continue our partnership with Elevate, a market leader in legal software and services,” said Brad Pritchard, Managing Director at Runway. “This additional funding underscores our commitment to supporting the long-term growth of Runway’s portfolio companies.”

Elevate is a fast-growing innovation leader in the legal industry. Its success aligns with Runway’s aim to partner with high-quality, late-stage companies poised for significant growth.

“We appreciate Runway’s partnership and belief in our vision,” said Liam Brown, Chairman and CEO of Elevate. “This investment is a strong vote of confidence in our strategy, execution, and team and will enable us to pursue inorganic growth opportunities.”

About Runway Growth Capital LLC
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, which are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provide senior term loans of $10 million to $75 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit our website at www.runwaygrowth.com.

About Elevate
Elevate is an expert-led, software-powered law company. Elevate provides software and services for the intersection of business and law. Elevate’s legal, business, and technology professionals offer practical ways for global law departments and law firms to improve efficiency, quality, and business outcomes. For more information on Elevate, please visit their website at www.elevate.law.

Forward-Looking Statements
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition, or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway’s filings with the Securities and Exchange Commission. Runway undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

SOURCE Runway Growth Capital LLC

The funding will support operational growth and global business expansion for Addionics 3D Current Collector solution

LONDON, July 25, 2024 — Addionics, a global leader in battery technology, announced its Series B funding round of $39 Million. The round was co-led by GM Ventures and Deep Insight, with participation from Scania, along with new and returning strategic investors. The funds will be used to bolster the company’s manufacturing capabilities and advance global business engagements. The investment will allow Addionics to build up teams across the globe, and expand its manufacturing and commercialization efforts, including advancing the construction of its planned US-based giga-factory for the production of Addionics 3D Current Collectors.

Addionics is the leading manufacturer of 3D Current Collectors, which drive significant battery manufacturing and performance benefits. With better heat dissipation throughout the electrodes, batteries using Addionics provide faster charging time, increased power, and improved stability, resulting in better-performing batteries at a lower cost. The added benefit of the Addionics drop-in solution allows manufacturers to seamlessly integrate the 3D Current Collectors allowing for cost-effective production and rapid deployment.

“Working with true partners who understand the urgency of what Addionics has set out to accomplish is a privilege,” said Moshiel Biton, CEO and Co-Founder of Addionics. “As the global demand for higher performing batteries grows, so too has the demand for our product. With the new funding, we will be able to begin commercial production by the end of the year, delivering our technology to battery manufacturers and enhancing battery performance globally.”

This new round of financing will lay the groundwork for future manufacturing facilities for the Addionics 3D Current Collector solution, help enable faster commercial distribution for leading partners, and solidify R&D efforts to build best-in-class EV battery technology. Working with the majority of the 10 biggest global automotive OEMs and battery manufacturers, the funding will help meet the growing demand for Addionics 3D Current Collectors.

“GM’s investment supports our broader mission of identifying, investing in, and developing the right technology that will enable our all-electric future,” said Anirvan Coomer, Managing Director, GM Ventures. “Addionics’ current collector design shows promise in enabling improved battery performance at a lower cost. We are eager to support the company’s growth and look forward to continuing to explore opportunities to collaborate in the future.”

“We are proud to co-lead this funding round and continue our support of Addionics in their journey to bring to market their groundbreaking battery technology,” said Dr. Eyal Kishon of Deep Insight. “Their unique 3D Current Collector solution promises significant improvements to make better, more powerful batteries, aligning with our vision of investing in disruptive technologies to drive worldwide progress.”

“Scania is dedicated to fostering advancements that contribute to a sustainable and efficient future. Addionics’ revolutionary approach to battery technology aligns with our mission to enhance the performance and sustainability of next-generation zero emission solutions,” said Jessica Persson, Head of VC and M&A at Scania. “We are proud of our investment in Addionics and look forward to the impact their technology will have on the future of batteries and electric vehicles.”

For more information about Addionics and their innovative battery technology, please visit www.addionics.com

About Addionics:

Addionics is a leading manufacturer of 3D Current Collectors™ powering the next generation of batteries. Addionics’ low-cost drop-in solution seamlessly integrates into existing production facilities, allowing battery manufacturers and automakers to increase production capacity while reducing manufacturing costs. By revolutionizing the internal physical structure of the battery, Addionics 3D Current Collectors significantly improve the performance of any battery regardless of its chemistry. Designed for commercial scale, Addionics has partnerships with major OEMs and automakers across North America and Europe.

Founded in 2017, Addionics has sites in the UK, Israel, the US, and Germany. Read more at www.addionics.com

Addionics Media Contact

Josh Schaefer
Headline Media
[email protected]
+972-50-790-4505

SOURCE Addionics

Highlights:

• akirolabs awarded 7-digit non-dilutive public funding from Investitionsbank Berlin and the European Regional Development Fund (ERDF).
• The jury acknowledged akirolabs’ breakthrough innovation in ProcureTech and praised its advancements in integrating AI into strategic procurement.
• Fund will be utilized to develop further akiroAssist, the leading Expert LLM for Strategic Procurement, enhancing akirolabs’ AI capabilities and reinforcing its position as an AI-first ProcureTech SaaS company.
• This public funding comes after the company’s $5M seed round announcement in January this year, which was led by High-Tech Gründerfonds (HTGF), OTB Ventures, and D11Z Ventures.

BERLIN, July 25, 2024 — akirolabs, a Berlin-based ProcureTech startup, enabling enterprises worldwide to augment strategic procurement processes, announces an extension to its recent $5 million seed funding with an additional 7-digit ( € million) non-dilutive grant from Investitionsbank Berlin and the European Regional Development Fund (ERDF).

This highly competitive grant, awarded only to top tech startups pushing the boundaries of innovation and technology, comes shortly after the company’s successful $5 million seed funding round, underlining the strong momentum and confidence in akirolabs’ vision for AI-driven strategic procurement transformation..

The jury was notably impressed by akirolabs’ vision and the development of akiroAssist, their proprietary and leading expert LLM for strategic procurement, which enhances their category management software. This innovative use of technology played a crucial role in securing the grant, highlighting the company’s distinctive position in the ProcureTech landscape.

akirolabs is developing what they call the “Penrose Triangle of ProcureTech” – an impossibly replicable masterpiece that combines three key elements:

• Unique Procurement Domain Expertise
• Revolutionary and Highly Innovative Procurement Methodology
• Cutting-edge AI Engine Leveraging Large Language Models (LLM), Retrieval-Augmented Generation (RAG), and Ontology

This funding will be strategically utilized to further advance the software’s AI/LLM capabilities, solidify akirolabs’ position as the AI-first ProcureTech B2B SaaS company, and accelerate product development and team expansion.

This funding will be strategically utilized to further advance the software’s AI/LLM capabilities, solidify akirolabs’ position as the AI-first ProcureTech SaaS company, and accelerate the development of akiroAssist – the leading LLM for strategic procurement.

Michael Pleuger, CEO of akirolabs, stated, “We’re honoured to receive this recognition and grant from IBB ProFIT and the ERDF. This vote of confidence from IBB ProFIT and the ERDF fuels our commitment to pushing the boundaries of what’s possible in procurement”

“We’re excited about the journey ahead and deeply grateful for the support of our investors, customers, and partners” added Pleuger.

Industry expert Elouise Epstein, KEARNEY Partner and best-selling author on Digital Procurement has previously lauded akirolabs: “What you have created is significant… there is no doubt in my mind that this is a breakthrough innovation. akirolabs is on a trajectory to eliminate much of the category management function as we know it today.”

About akirolabs:

akirolabs, founded in 2021 by Michael Pleuger, Detlef Schultz, Christoph Flöthmann, and Tim Ergenzinger, develops and provides an AI-powered SaaS platform for collaborative strategic procurement. akirolabs is based upon a world-class and industry-proven strategic procurement process, methodology, and toolkit, embedded into an intuitive cross-functional collaboration workflow and enriched with all relevant internal and external business insight. akirolabs’ unique approach delivers “Procurement Strategies with Value & Purpose” and a significantly broader and 4-5 times higher value contribution than traditional sourcing solutions.

Press Contact:
Tim Ergenzinger
akirolabs GmbH
Greifswalder Str. 208
10405 Berlin 
[email protected]
Tel: +49 30 754 384 66

Logo – https://mma.prnewswire.com/media/2468356/akirolabs_gmbh_Logo.jpg

SOURCE akirolabs gmbh

AUSTIN, Texas, July 24, 2024 — Evo Security, a leading provider of Identity and Access Management solutions for Managed Service Providers (MSPs), is pleased to announce the successful completion of its Series A funding round, raising $6 million led by TechOperators, a cybersecurity venture capital firm led by industry veterans, based in Atlanta, Georgia. The round includes participation from Sorenson Capital, Prelude, Strategic Cyber Ventures, Inner Loop Capital, in addition to new partner MetroSITE Group.

This capital infusion will enable Evo Security to accelerate its growth, enhance its consolidated product offerings, and expand market presence. The investment will also support the company’s efforts in driving unique innovation and reinforcing its commitment to providing best of breed identity and privileged access solutions for MSPs and their SMB customers.

“We are genuinely thrilled to partner with TechOperators as we embark on this exciting new chapter of growth,” said Michael Roth, CEO of Evo Security. “This investment is a testament to the hard work and dedication of our team and the trust our MSP Partners place in us. With TechOperators’ support, we are well-positioned to advance our mission of delivering a market leading, consolidated identity and privileged access management platform to our MSP Partners and their SMB customers.”

TechOperators, known for its strategic investments and strong track record of supporting high-growth technology companies, particularly those focused on serving MSPs, recognized Evo Security’s potential and market leadership. The firm’s investment will provide Evo Security with the resources and expertise needed to scale operations and further develop its innovative identity platform.

“MSPs and their small business customers are on the frontlines of escalating attacks by increasingly sophisticated adversaries. We invested in Evo’s vision and commitment to help even the odds,” said Daniel Ingevaldson, General Partner at TechOperators. “We are excited to help Evo accelerate their plans to address the unique identity and privileged access management issues that face MSPs and are not addressed by large enterprise providers. We look forward to supporting Evo Security as they continue to innovate and grow.”

Evo Security, headquartered in Austin, Texas, is rapidly emerging as a trusted name in the cybersecurity MSP industry. The company’s platform empowers MSPs to protect themselves, and their customers from the most common cyber attacks, and simultaneously delivers a new revenue stream to MSPs.

For more information about Evo Security and its solutions, please visit https://evosecurity.com

About Evo Security

Evo Security is a leading cybersecurity SaaS company based in Austin, Texas, dedicated to providing best in class solutions that protect MSPs and their SMB customers from evolving identity-based cyber threats. With a focus on quality, innovation, and unwavering MSP support, Evo Security offers a consolidated identity platform designed to safeguard critical digital assets and ensure small and medium business livelihoods are protected.

About TechOperators

TechOperators is a venture capital firm based in Atlanta, Georgia, specializing in investments in high-growth cybersecurity companies. With a team of highly experienced operators and a proven track record of success, TechOperators partners with Seed and Series A companies to provide the capital and strategic support needed to drive real and lasting success.

For more information on Evo Security, please visit https://evosecurity.com or follow us on LinkedIn.

SOURCE Evo Security, Inc.

Gandalf, the world’s largest AI red team, was created by Lakera and trains AI to Secure AI

ZURICH and SAN FRANCISCO, July 24, 2024 — Lakera, the world’s leading real-time Generative AI (GenAI) Security company, has raised $20 million in a Series A funding round. Led by European VC Atomico, with participation from Citi Ventures, Dropbox Ventures, and existing investors including redalpine, this investment brings Lakera’s total funding to $30 million. This funding positions Lakera at the forefront of the global economy’s race to secure GenAI applications. As part of this round, Atomico Partner Sasha Vidiborskiy will join Lakera’s board.

It’s been predicted that by 2026, 80% of enterprises will have used GenAI or GenAI-enabled applications in production environments, up from less than 5% in 2023. As businesses worldwide scramble to harness the power of GenAI without exposing themselves to AI-specific risks, the demand for Lakera’s platform is expected to continue growing at a rapid clip.

While GenAI could add an estimated $4.4 trillion annually to global GDP, cybersecurity remains the second most-cited risk associated with its adoption as traditional cyber tools are ill-equipped to address the novel dangers it poses. This creates a critical need for security solutions that address GenAI-specific risks, without which businesses are unable to unlock the benefits of AI.

David Haber, Founder and CEO of Lakera, explains the urgency: “With the advent of GenAI, the old cybersecurity techniques aren’t sufficient. Enterprises now operate in a world where anyone who knows how to talk knows how to hack. Security solutions need to change but they can’t get in the way of user experience. There is a need for real-time AI security solutions that continuously evolve and enable amazing user experiences.”

David elaborates in his blog published today.

Cybersecurity-risks posed by LLMs

The spectrum of LLM vulnerabilities is both diverse and severe:

Lakera’s comprehensive approach to AI security delivers three key benefits for enterprises: protection that doesn’t slow down their AI applications; the ability to stay ahead of AI threats with continuously evolving intelligence; and centralized implementation of AI security controls.

The company’s growth comes at a pivotal moment in AI development. With the adoption of GenAI, users now direct software applications using natural language, and Lakera’s real-time AI security does not compromise application interactivity. To make implementation effortless for developers, the company’s API can be integrated with a single line of code, providing an ultra-low-latency security layer compatible with any GenAI model. Centralized controls allow security teams to customize application-specific policies and address emerging threats without code changes.

Lakera is uniquely positioned to tackle these fast-changing challenges, in part thanks to Gandalf – an AI educational platform created by the company which serves as the world’s largest AI red team. With over 250 thousand unique users worldwide, including companies such as Microsoft where it’s used in security training, Gandalf generates a real-time database of AI threats which is growing by 100 thousands of uniquely new attacks every day and keeps Lakera’s software up to date, ensuring continuous protection for customers. The 50+ million data points generated by Gandalf, combined with the founding team’s deep experience in building AI systems with real-time requirements, means Lakera’s customers are able to stay ahead of threats and deliver amazing user experiences.

Atomico Partner Sasha Vidoborskiy, who will join Lakera’s board, said: “Lakera has seen impressive commercial pull, winning customers such as Dropbox and a top 3 US bank, and already having more than 35% of Fortune 100 companies knock on their door. All those clients have an urgency to deploy GenAI applications into production, but can’t do it without protection in place. Easy integration, best-in-class performance, and low latency are why they pick Lakera. But most importantly, the company is led by David and his team, who are thought leaders in the space and have a deep understanding of what the adoption of AI means for new cybersecurity risks.”

“At Dropbox, ensuring the security of our systems and customers’ data is a top priority,” said Donald Tucker, Head of Corporate Development and Ventures at Dropbox. “Lakera’s team has extensive expertise and a deep understanding of the complex security challenges companies are facing with LLMs and Generative AI. Their advanced technology is helping companies like Dropbox safeguard against vulnerabilities these new technologies pose. We’re thrilled to strengthen our existing relationship with Lakera by investing in the future of the company and AI security.”

Lakera plans to use this funding round to invest further in its product development and expand its presence in the US, where it already has a foothold in Silicon Valley.

About Lakera
Lakera is the world’s leading real-time GenAI security company. Customers rely on Lakera for security that doesn’t slow down their AI applications. To accelerate secure adoption of AI, the company created Gandalf, an educational tool, where more than one million users have learned about AI security. Lakera uses AI to continuously evolve defenses, so customers can stay ahead of emerging threats. Lakera was founded by David Haber, Mateo Rojas-Carulla and Matthias Kraft in 2021.

About Atomico
Atomico invests in ambitious tech founders from Seed through to IPO with a particular focus on Europe, leveraging deep operational experience to supercharge their growth. Founded in 2006, Atomico has partnered with over 100 ambitious teams – including those at Klarna, Supercell, Graphcore, Compass, MessageBird, Masterclass, Attentive Mobile, Pipedrive and Hinge Health. Atomico’s team of founders, investors and operational leaders have been responsible for global expansion, hiring and marketing at companies from Skype and Google to Twitter and Uber. The firm currently has $5B in assets under management.

Media Contact for Atomico
Bryce Keane
Partner and Head of Communications
Atomico
[email protected] 

Media Contact for Lakera
Kristianna Sanders
Media Relations Lead, Story Changes Culture
[email protected]

SOURCE Lakera