NBIF Invests $500K in TrojAI’s Continued Growth

[Fredericton, NB, April 4, 2024] – The New Brunswick Innovation Foundation (NBIF) is proud to announce its investment of $500,000 CAD in TrojAI, a pioneering AI security company based in Saint John, New Brunswick. This investment is part of a larger follow-on funding round totaling $5.7 million USD, with contributions from notable investors including Flying Fish, Build Ventures, Techstars, Alteryx, and Flybridge.

Since its inception in 2020, TrojAI has been helping companies secure their artificial intelligence (AI) models from risks and attacks. The company has steadily advanced its technology and experienced remarkable growth in commercialization and acquisition of top-tier enterprise clients. The additional, capital will support product development, sales and marketing efforts and expand operations to meet growing demand.

“TrojAI’s success is a testament to the vision and expertise of its founders, James Stewart and Stephen Goddard,” said NBIF CEO, Jeff White. “Their ability to secure significant private capital demonstrates investor confidence and their proven track record is a great success story of repeat entrepreneurs building a global brand in New Brunswick.”

NBIF’s most recent investment follows previous injections of $200,000 in 2020 and $750,000 in 2021, demonstrating NBIF’s ongoing belief in TrojAI’s potential for growth and impact.

With this significant funding round, and recent appointment of new CEO Lee Weiner, a veteran executive, TrojAI is poised for further expansion and innovation in the field of AI security, reaffirming its position as a leader providing enterprise AI security and risk management.

Media inquiries: Heather Libbey (heather.libbey@nbif.ca)