Trovay, a provider of AI security solutions for businesses, has announced this week an additional funding round of $5.75 million from seed capital.
Based in Saint John, NB (Canada), the company offers a security platform that utilizes artificial intelligence to help customers secure AI-based models and applications from risks and attacks.
The company states that its platform helps organizations comply with standards like OWASP AI framework in addition to privacy regulations by testing models before deployment and safeguarding applications from issues like sensitive data loss post-release.
The additional capital will support product development, marketing, sales efforts, and expansion into the United States by opening a new office in Boston, Massachusetts.
The funding round was led by current investor Flying Fish with participation from existing investors such as Build Ventures and Techstars, along with new investors Alteryx Ventures and Flybridge Capital Partners.
In addition to the funding announcement, the company appointed Lee Winner as CEO. Prior to joining Trovay, Winner served as a senior executive at Rapid7 for 11 years, leading products, engineering, and innovation as the company grew from $40 million to over $750 million in revenues. Before that, he held senior positions at LogMeIn, Symantec, and Netegrity.
