Mindgard, a British university spinoff linked to Lancaster University, is making waves in the field of artificial intelligence security. The company, which specializes in Dynamic Application Security Testing for AI (DAST-AI), has recently announced an $8 million funding round led by Boston-based 406 Ventures. This comes on the heels of a successful £3 million seed round earlier this year, marking a significant milestone as Mindgard aims to enhance its offerings and expand its presence in the U.S. market.
Founded by Professor Peter Garraghan, who serves as both CEO and CTO, Mindgard is on a mission to protect enterprises and startups from the unique vulnerabilities posed by AI technologies. The company’s approach to security focuses on runtime vulnerabilities that traditional testing methods often overlook. Professor Garraghan emphasizes the importance of addressing these risks, stating, “AI is still software, so all the cyber risks that you probably heard about also apply to AI.”
Mindgard's innovative technology is designed to detect vulnerabilities that emerge during the operation of AI systems. This is particularly relevant given the increasing reliance on neural networks and other complex models, which can exhibit unpredictable behavior. As Professor Garraghan explains, “If you look at the opaque nature and intrinsically random behavior of neural networks and systems,” it becomes clear why enhanced security measures are necessary.
The company’s growth strategy includes bolstering its team from 15 to between 20 and 25 employees by the end of next year. Mindgard plans to maintain its research and development operations in London while also expanding its marketing efforts in Boston with the recent appointment of Fergal Glynn as VP of marketing. Glynn previously served as CMO at Next DLP and brings valuable experience to the team.
Additionally, Mindgard’s ties to Lancaster University grant it automatic ownership of intellectual property generated by 18 doctorate researchers over the next few years. This relationship not only strengthens its foundational knowledge in AI security but also positions the company to stay at the forefront of technological advancements.
In terms of market positioning, Mindgard serves a diverse clientele, including traditional red teamers, penetration testers, and AI startups seeking to assure their customers of robust risk prevention measures. The company differentiates itself as one of the few British university spinoffs in the AI security sector, competing alongside Israeli startup Noma and U.S.-based firms such as Hidden Layer and Protect AI.
Looking ahead, Mindgard intends to evolve its technology further to address emerging threats associated with natural language processing (NLP) and image models. According to Professor Garraghan, “We built this company to do positive good for the world, and the positive good here is people can trust and use AI safely and securely.”
With this latest funding round, Mindgard is well-positioned to enhance its product development and expand its reach across international markets. The company’s commitment to tackling AI-related cybersecurity challenges reflects a growing recognition of the need for advanced security solutions in an increasingly digitized world.
