Prompt Security Secures $18M to Fortify AI-Based Tools

Deal News | Nov 20, 2024 | Hetz Ventures Management Ltd

Prompt Security Secures $18M to Fortify AI-Based Tools

Prompt Security, a cybersecurity startup founded in 2023, has successfully raised $18 million in funding to enhance security for businesses utilizing generative AI tools like ChatGPT. Led by Jump Capital and with participation from Hetz Ventures, Ridge Ventures, and tech giants Okta and F5, the funding is part of a broader trend of increasing cybersecurity investments. Fueled by concerns over AI's expanding attack surface, Prompt Security's software aims to shield enterprises from threats related to employee interactions with AI technologies. The company, overseen by founder Itamar Golan, with experience from Checkpoint and Orka Security, targets a notable gap in the market by focusing exclusively on AI-centered security solutions. Emerging from stealth at the start of the year, Prompt Security already includes Fortune 500 companies like The New York Times and New Relic in its roster of clients. With a projected $1 million in annual revenue for the year, Prompt Security stands among singular players addressing the unique security challenges posed by AI, juxtaposed against generalist competitors like Palo Alto Networks and Crowdstrike.

Sectors

  • Cybersecurity
  • Venture Capital
  • Artificial Intelligence

Geography

  • Israel – The founder of Prompt Security, Itamar Golan, hails from Israel and has experience in the Israel Defense Forces, highlighting the country’s influence in the cybersecurity and tech startup realms.

Industry

  • Cybersecurity – The article centers on Prompt Security, a company providing cybersecurity solutions specifically for generative AI tools, highlighting the industry's focus on protecting innovative technologies against cyber threats.
  • Venture Capital – The funding round for Prompt Security, involving major venture capital firms like Jump Capital and Hetz Ventures, demonstrates the growing interest and investment in cybersecurity startups.
  • Artificial Intelligence – Prompt Security targets security challenges associated with generative AI tools like ChatGPT, emphasizing the article’s connection to the AI industry.

Financials

  • $18 million – Funds raised by Prompt Security in the latest funding round.
  • $1 million – Projected annual revenue for Prompt Security by the end of the year.
  • $6 million – The amount of seed funding Prompt Security raised previously.

Participants

NameRoleTypeDescription
Prompt SecurityTarget CompanyCompaniesA cybersecurity company focusing on AI-specific security solutions.
Itamar GolanFounderPeopleFounder of Prompt Security with experience in the Israel Defense Forces and in cybersecurity roles at Checkpoint and Orka Security.
Jump CapitalLead InvestorCompaniesA venture capital firm that led the $18 million funding round for Prompt Security.
Hetz VenturesInvestorCompaniesParticipated in Prompt Security's funding round, investing in cybersecurity innovations.
Ridge VenturesInvestorCompaniesContributed to the funding round to support Prompt Security’s growth.
OktaInvestorCompaniesParticipated in funding Prompt Security, a firm known for its identity and access management solutions.
F5InvestorCompaniesTech company that invested in Prompt Security, known for its application delivery networking technology.
The New York TimesCustomerCompaniesA Fortune 500 company using Prompt Security's AI-focused cyber solutions.
New RelicCustomerCompaniesFortune 500 company using Prompt Security’s services for AI-related cybersecurity.