SydeLabs, a Bengaluru-based AI security and risk management business, has raised $2.5 million in a seed fundraising round headed by RTP Global, with participation from Picus Capital and many well-known angel investors.
The investment represents a critical step forward in improving the security of generative AI systems used by organizations. The growing usage of generative AI technology has created new cybersecurity concerns that require inventive solutions to protect against potential threats and misuse. SydeLabs’ complete AI security and risk management solutions address this growing challenge. The company provides solutions for detecting and preventing security and safety vulnerabilities in enterprise AI systems in real time, thereby mitigating cybersecurity threats and misuse.
Ruchir Patwa and Ankita Kumari co-founded the Bengaluru-based firm, drawing on their vast AI skills from their time with the Mobile Premier League (MPL). The founders noticed that AI systems have distinct risks as compared to traditional cybersecurity frameworks. To remedy this, the founders established SydeLabs.
“While working on security and fraud-related business problems, we observed how the implementation of risk mitigation measures fueled business growth and profitability, despite the fact that these procedures are typically viewed as cost sinks. Since then, we’ve known we needed to develop solutions in the vulnerability and risk management sectors to meet these developing concerns,” Kumari explained.
“The deployment of generative AI in enterprises has significantly increased the cybersecurity attack surface. From a security standpoint, firms are now introducing a human-like element into systems that were previously immune to social engineering and manipulation,” she explained.
SydeLabs is working on a solution suite that will detect and mitigate security problems in AI applications before they occur. The first of them, SydeBox, is an automated scanner that checks AI tools for vulnerabilities before they are deployed.
The business intends to release SydeBox first, then SydeGuard, a real-time security solution that can be compared to a firewall for AI goods, and a compliance tool that guarantees compliance with changing AI laws. These solutions strive to provide a comprehensive security architecture that spans the full AI system development process.
SydeLabs wants to use the funds raised to advance product development and research efforts. The business hopes to generate $1 million in annual revenue by the end of 2024, driven by the growing usage of AI solutions in a variety of industries.
