SYDNEY, October 27. Cranium, the leading enterprise AI security and trust software firm, today announced it has raised US$25 million in Series A funding.
Telstra Ventures led the round with participation from KPMG LLP and SYN Ventures. Both participating investors previously provided seed funding when Cranium emerged from stealth six months ago and spun out of KPMG with additional investment from SYN Ventures.
The new round brings Cranium's total funding to US$32 million. The funds will be used for innovation, research and development (R&D), and business expansion.
Cranium's newest round will build company growth, strengthen customer momentum, and accelerate Cranium Enterprise software platform innovation through product development.
It will also scale go-to-market strategies, including sales and marketing efforts, allow investment in R&D to further visibility into the security of AI systems, enhance security, regulation and compliance in AI/ML environments against adversarial threats, and reinforce its teams and customers with additional support.
"AI is being embedded into every business process and function at an unprecedented speed. Prioritising responsible AI now, at the beginning of the AI revolution, will allow enterprises to scale more effectively and not run into major roadblocks and compliance issues later," said Jonathan Dambrot, CEO and Co-Founder of Cranium.
"We're honoured and deeply grateful for the support from our customers and investors whose dedication to Cranium only fuels our commitment to provide unparalleled visibility, trust, and a new level of security when it comes to the entire AI ecosystem of any organisation."
Cranium helps organisations to gain confidence in the AI-enabled products in services they are both creating and using. Cranium's software is custom-built to address the gap between data science, compliance and cybersecurity teams by providing a single source of truth for AI security risks.
This is done in a way that avoids requiring teams to change their processes, tools or workflows. Its value is ensuring AI systems are secure, trustworthy, and compliant, properly handling vital resources such as health, financial, and consumer data to meet compliance regulations.
"The rapid rate of innovation fuelled by the emergence of GenAI capabilities has generated fresh challenges for cybersecurity teams, raising new questions over compliance, trustworthiness, and security of their AI/ML environments," said Marcus Bartram, General Partner at Telstra Ventures.
"Cranium stands at the forefront of AI security and trust software, empowering organisations to navigate the crowded cybersecurity industry with its groundbreaking product and pioneering innovations addressing enterprises' urgent needs grappling with AI regulation, compliance, and security frameworks. We're thrilled to invest in the team at Cranium and are confident in the tremendous impact they're poised to make."
Since its inception, Cranium's dedication to making AI security attainable by working with global leaders in health sciences, financial services, consumer packaged goods and retail showcases its versatility and holistic view of the AI industry.
As the first-ever technology spinout out of KPMG's startup incubator, Cranium's mission is to secure the AI revolution, enabling organisations to secure their AI technologies. Cranium's unique design and features, grounded in years of industry experience and high-level partnerships, lend it a distinct edge in the increasingly crowded cybersecurity market.
Cranium is the leading enterprise AI security and trust software firm, enabling organisations to gain visibility, security, and compliance across their AI and GenAI systems. Organisations can map, monitor and manage their AI/ML environments against adversarial threats without interrupting how teams train, test, and deploy their AI models through its Cranium Enterprise software platform.
The Cranium platform also allows organisations to gather quickly and share information about the trustworthiness and compliance of their AI models with their third parties, clients and regulators. Incubated and funded in stealth inside of KPMG Studio, Cranium helps cybersecurity and data science teams understand that AI impacts their systems, data, or services everywhere. Secure your AI at Cranium.AI.
About Telstra Ventures
Telstra Ventures accelerates the extraordinary – we fuel the growth of standout disruptors. In our first 11 years, 96 investments have generated 38 liquidity events including Auth0, BigCommerce, Box, CrowdStrike, DocuSign, Rancher, Skillz, Snap, and Whispir.
To date, our revenue acceleration platform has driven > US$500 million in revenue for our portfolio companies, extending their reach across Australia, Asia, UK and the US. In 2022, we announced the close of our third fund, bringing Funds Under Management to US$1 Billion. To see our full portfolio and learn more, visit www.telstraventures.com.
David Frost, PR Deadlines