Alice $140M funding brings total raised to $280M as ARR nears $100M

Alice’s $140M funding round, announced Aug. 25, was led by Apax Digital Funds and brings the AI trust, safety and security company’s total capital raised to $280 million. Alice said its AI business grew more than 500% over the past two years and that company-wide annual recurring revenue is approaching $100 million, though it did not disclose a precise ARR figure, recognized revenue, profitability or a valuation in its announcement.

Samsung, SentinelOne, Maj Invest, MoreTech and Phoenix Insurance participated alongside returning investors Resolute Ventures, Grove Ventures, CRV, Highland Europe, Vintage Investments, Norwest Venture Partners, NFX and Claltech. Apax Digital is set to join Alice’s board.

The financing gives Alice more capital behind a business that it says serves both foundation-model developers and enterprises putting AI into production. The company was founded in 2018 as ActiveFence and rebranded as Alice this year. It began by tracking fraud, extremism and coordinated manipulation on online platforms, then applied that work to AI security.

What does Alice’s AI security platform do?

Alice says it tests models before release with malicious prompts and agentic tasks intended to find jailbreaks, prompt-injection paths and other unexpected behavior. After deployment, it says enterprise customers can set organization-specific policies, simulate attacks for data leakage and compliance risks, and monitor model inputs and outputs.

Those controls sit within a broader enterprise security program, where technical safeguards, internal policies and monitoring operate together. Alice’s product claims are relevant as companies give models access to business data and software tools, but the company has not publicly provided independent performance data for its platform.

The company’s core data asset is Rabbit Hole, a proprietary collection of real-world adversarial and harmful content assembled from its earlier trust-and-safety work. Alice says it uses those attack patterns to create tests and defenses for AI systems. It also says it works with eight of the 10 leading AI model labs, safeguards more than 3 billion people online and employs more than 150 AI-security researchers. Those customer, reach and staffing figures are company-reported.

How will Alice use the new funding?

Alice said it plans to develop its platform, expand the research team behind Rabbit Hole and build its go-to-market operation for foundation-model labs and enterprise buyers. The round is a commercial expansion plan, not a disclosed acquisition or a specific product launch.

The deal’s valuation remains unsettled in public reporting. Calcalist reported a $700 million to $800 million valuation, while Bloomberg reported that Chief Executive Noam Schwartz described it as close to $1 billion. Alice did not state a valuation in its financing announcement, so neither figure is a confirmed deal term.

For operators evaluating the company, the disclosed signal is narrower: Alice reports rapid growth in its AI business and ARR nearing $100 million, while pursuing model testing, policy controls and production monitoring with the new capital.

This story draws on original reporting from SiliconANGLE.