Resistant AI, a Prague-based security company that protects AI systems from cyberattacks and fraud, has raised $2.75 million in a round co-led by Index Ventures and Credo Ventures. Seedcamp and angel investors such as Daniel Dines and Michal Pechoucek also participated.
Deployed on top of existing systems, Resistant AI provides a typical security layer for financial services, such as protecting payments and detecting fraud or money laundering -- and also detects forged documents or spots sophisticated attackers attempting to copy the underlying ML model.
"Historically, all systems that make high-value financial decisions become targeted. This is already happening with the automated systems deployed by our fintech and financial customers and we are here to protect them,” says Martin Rehak, the startup’s co-founder and CEO.
The founding team is no stranger to either machine learning or network security. In 2009 they founded another startup, Cognitive Security, which was a spin-off of Czech Technical University. Also funded by Credo Ventures, the business was acquired by Cisco Systems in 2013 and became the basis for Cisco’s R&D center.
While the Czech startup largely markets itself to fintech companies, the product also serves e-commerce and could likely expand to other sectors.
Jan Hammer of Index Ventures noted, "As machine learning takes more and more nuanced financial decisions, it needs to be protected. And this is not true only in finance, but the attacks will rapidly spread to other domains as well.”
As part of the round, Ondrej Bartos from Credo Ventures is joining the board. The fresh funding will go to product development and hiring, including the expansion of its sales and customer support efforts.