Veteran cybersecurity executive Lee Weiner’s appointment as TrojAI CEO reflects what management sees as a chance for the Saint John startup to become a central player in the artificial intelligence ecosystem, Co-Founder James Stewart said Thursday.

In an interview, Stewart said key decision-makers in both government and the large, private enterprises that are core to TrojAI’s business are increasingly aware of the security risks created by the proliferation of artificial intelligence. Stewart and fellow Co-Founder Stephen Goddard believe Weiner, an alumn of billion-dollar network security software-maker Rapid7, is the person to capitalize on that opportunity.

Weiner’s predecessor as Chief Executive was Stewart, who is now Chief Technical Officer. It was the three of them, Stewart added, who first decided Weiner should lead the company.

“We think in this area, and with our current positioning, we’ve got a shot at building a pillar AI company, cyber company. And that’s where Lee fits, because he’s been involved in such a pillar company with Rapid7.”

TrojAI’s announcement Wednesday that it had hired Weiner came packaged with news that it had raised a US$5.75 million, or C$7.77 million funding round led by Seattle's Flying Fish Ventures, a returning investor that also co-led a C$3 million raise from 2022.

It was also an investor in TrojAI that first introduced Goddard and Stewart to Weiner, who initially arrived on the scene to help with due diligence. The trio hit it off, and decided over the course of several months that Weiner would become the company’s CEO.

“I think, as a founder, our job is to build the best team,” said Stewart, reflecting on the surprise of TrojAI’s board when he revealed his intention to leave the Chief Executive post. “And that means hiring the talent that you need, even if that means stepping aside to make room for that talent.”

Weiner spent 11 years in product management roles at Boston-based Rapid7, which sells dashboards to help network administrators and other IT staff manage an organization’s cybersecurity processes, such as by monitoring for intrusion attempts. The company has a market capitalization of nearly US$3 billion and last year reported annual revenue of US$778 million, and by the time he left in May of last year, he had become Chief Innovation Officer.

Weiner will lead TrojAI from Boston, where the company plans to build out its second office, complementing its original, Saint John headquarters. He joins a team of 27 employees. Stewart added that figure could as much as double over the next year, but that a priority for TrojAI is growing the business in a way that is financially sustainable.

“You can hire too fast, or you can bring in too much money too soon, and then if you don’t have the product to support it, you can actually get caught out between (funding) rounds,” said Stewart. “Because to get to the next funding round, you have to achieve certain metrics.

“We’re being very judicious in our growth.”