TrojAI, the Saint John maker of security software for artificial intelligence systems, has raised US$5.75 million or C$7.77 million and appointed a new CEO, veteran cybersecurity executive Lee Weiner.

The deal was led by Seattle's Flying Fish Ventures, a returning investor that also co-led a C$3 million raise from 2022, with Techstars and Halifax’s Build Ventures similarly upping their existing stakes. Also included in the total for the latest raise is $500,000 from the New Brunswick Innovation Foundation, and new investments from California-based Alteryx Ventures and Massachusetts-based Flybridge Capital Partners. The money is earmarked for product development, sales and marketing.

In a statement, TrojAI highlighted Werner’s experience taking cybersecurity businesses public. He previously spent 11 years as the product and technical head for Boston-based Rapid7, which grew from US$40 million to US$750 million in annual revenue during his tenure.

"Stephen Goddard and I founded TrojAI to address a critical need for security around AI deployments," said Co-Founder and newly appointed CTO James Stewart, who Werner replaces as CEO. "As we enter a new growth phase, it's the right time to add a seasoned leader to our executive team that has experience with rapidly scaling businesses.

“Lee's background and expertise will be instrumental as we continue our mission of securely enabling AI for the enterprise. We could not have found a better fit than Lee."

Founded in 2019 by Stewart and COO Stephen Goddard, TrojAI sells software to guard against cyberattacks hidden in the training data for artificial intelligence systems.

AI systems learn by being fed reams of information, such as photos, and searching for patterns, but sophisticated hackers can conceal malware in the same data. The company’s technology is meant to prevent both deliberate attacks and accidental damage caused by unforeseen edge cases — a service intended primarily for large corporations already using AI for real-world business applications.

“As the threat landscape is constantly escalating and evolving, integrating AI in a secure way is critical,” said Weiner. “This investment allows TrojAI to build on its strong foundation to help customers accelerate digital transformation.”