Redactive AI, an Australia-based security startup, has raised $7.5 million in a seed funding round. The company aims to help major corporations use generative AI without the risk of compromising proprietary information.
Redactive AI stands out in the market as it addresses the common struggle of companies to incorporate AI tools while protecting sensitive data. Their unique approach involves providing tools that limit the information AI can access and retrieve, ensuring data security and privacy.
The recent funding round was led by Felicis Ventures and Blackbird Ventures, with participation from Atlassian Ventures and Zapier. Redactive AI was founded by former Atlassian employees Andrew Pankevicius, Alexander Valente, and AI engineer Lucas Sargent. They formed the company after working on cloud transitions and cybersecurity reviews for various companies.
Redactive AI’s tools are designed to help engineers and data governance teams set permissions for what information different employees can access. This is particularly useful for organizations that want to use AI agents to perform tasks or retrieve data on behalf of employees. According to Pankevicius, this technology could replace the need for AI engineers in many software teams.
Redactive AI already works with two major Australian financial services organizations and several frontier technology companies. The company plans to use the new funding to hire around five new engineering, customer success, and marketing employees, expanding its current team of 10. Some funds will also be used to hire additional employees in the U.S.