Alice raised $140 million in a funding round led by Apax Digital Funds, the company and Bloomberg said. Announced August 25, 2026 in New York City, NY, and reported the same day by Bloomberg and WSJ Private Equity News, the round brings Alice’s total funding to $280 million, per a company announcement distributed by ACCESS Newswire. Alice is an AI trust, safety, and security company headquartered in New York City, NY, though Bloomberg described the startup as Israeli. The round included participation from MoreTech and Phoenix Financial alongside existing investors Resolute Ventures, Grove Ventures, CRV, Highland Europe, Vintage Investments, Norwest, NFX and Claltech, per the company announcement, while Bloomberg reported participation from SentinelOne Inc. and Samsung Electronics Co. Per-investor amounts were not disclosed.
Bloomberg reported that the round was led by Apax Digital, a fund from private equity firm Apax Partners, with participation from SentinelOne Inc. and Samsung Electronics Co. The company announcement, carried by Yahoo Finance, named Apax Digital Funds as lead investor, with participation from MoreTech and Phoenix Financial alongside existing investors Resolute Ventures, Grove Ventures, CRV, Highland Europe, Vintage Investments, Norwest, NFX and Claltech. Apax Digital will join Alice’s board, per the company. Alice said it will use the funding to advance its AI platform, expand the team behind Rabbit Hole so its dataset keeps pace with attacks that evolve daily, and scale its go-to-market organization serving foundation model labs and enterprises. Alice’s prior funding totaled $140 million before this round; no earlier valuation was disclosed, so step-up multiples could not be verified.
Apax Digital leads Alice’s $140 million round
Alice builds AI trust, safety, and security products that use intelligence gathered from tracking malicious actors to predict and prevent attacks on AI systems. Its moat rests on a proprietary dataset of real-world attacks built over nearly a decade of tracking how malicious actors exploit the world’s largest digital platforms. The company is approaching $100 million in annual recurring revenue, with its AI business growing more than 500% over the past two years, protecting more than 3 billion people online and working with 8 of the 10 leading AI model labs, per the company announcement. Alice is home to one of the world’s largest AI security research labs, where more than 150 researchers study how AI systems can be manipulated or fail. Noam Schwartz is CEO and co-founder of Alice. ‘There are infinite ways to break an AI, and you can’t defend against something you’ve never seen,’ Schwartz said. ‘We are very quickly democratizing capabilities before we’ve democratized the defenses. This round is about closing that gap.’
How Alice turns attack data into AI defenses
Investor table (amounts undisclosed): lead investor Apax Digital Funds; co-investors MoreTech and Phoenix Financial per the company announcement; returning investors Resolute Ventures, Grove Ventures, CRV, Highland Europe, Vintage Investments, Norwest, NFX and Claltech; plus SentinelOne Inc. and Samsung Electronics Co. per Bloomberg. Alice’s CEO, Noam Schwartz, said the investment gives the company a valuation close to $1 billion, per Bloomberg. That implies a funding-to-valuation ratio of roughly 14% ($140 million divided by approximately $1 billion), within the expected 5-60% band. On the stated ARR of approaching $100 million, the implied revenue multiple is roughly 10x, though those figures are approximate. As a comparable, Obsidian Security raised an $85 million Series D that valued the AI security startup at $1.1 billion, announced August 4, 2026 and led by Crescent Cove Advisors, per Reuters. Horizon3.ai raised a $250 million Series E at a valuation above $2 billion, per WSJ.
Cap table math and the revenue multiple
AI safety and security is becoming a core requirement for labs and enterprises as adversaries increasingly use AI, according to Patrick Kane, Partner at Apax Digital. ‘Just as the cloud platform shift created a new category of security, the AI platform shift is opening a rapidly growing attack surface that will only widen as enterprises roll out agents,’ Kane said. Alice said the funding will help it close the gap between democratized AI capabilities and defenses. The demand is echoed across the sector: Obsidian Security’s August 2026 round was driven by businesses securing AI agents accessing sensitive enterprise data, per Reuters, and Horizon3.ai’s $250 million raise came amid corporate fear of cyberattacks supercharged by frontier AI models, per WSJ. Alice targets frontier AI labs, digital platforms and enterprises building with AI, and works with 8 of the 10 leading AI model labs.
There are risks. The ARR figure of approaching $100 million and the growth of more than 500% are company-stated and not independently audited. The co-investor list differs between the company announcement, which named MoreTech and Phoenix Financial plus returning investors, and Bloomberg, which named SentinelOne Inc. and Samsung Electronics Co.; both accounts list Apax Digital as lead. Per-investor amounts and any special financial terms were not disclosed. As with any late-stage private placement, dilution and burn remain execution risks, and Alice’s valuation near $1 billion rests on a revenue multiple the company has not formally published. The deal has been confirmed by Bloomberg, WSJ Private Equity News and the company’s own announcement as of August 25, 2026, but the conflicting investor lists warrant caution.
Risks and source caveats
How much did Alice raise and who led the round? Alice raised $140 million in a funding round led by Apax Digital Funds, announced August 25, 2026. The round brings Alice’s total funding to $280 million.What is Alice’s valuation after the round? CEO Noam Schwartz said the investment gives Alice a valuation close to $1 billion, per Bloomberg.Who are Alice’s investors in this round? Apax Digital Funds led, with participation from MoreTech and Phoenix Financial alongside existing investors Resolute Ventures, Grove Ventures, CRV, Highland Europe, Vintage Investments, Norwest, NFX and Claltech, per the company announcement; Bloomberg reported SentinelOne Inc. and Samsung Electronics Co.How much revenue does Alice generate? Alice is approaching $100 million in annual recurring revenue, with its AI business growing more than 500% over the past two years, per the company announcement.Who founded Alice? Noam Schwartz is CEO and co-founder of Alice.Alice’s $140 million round, led by Apax Digital Funds and announced August 25, 2026, brings its total funding to $280 million against a valuation CEO Noam Schwartz said is close to $1 billion. Its trajectory toward nearly $100 million in annual recurring revenue and its work with 8 of the 10 leading AI model labs place it at the center of AI security. However, the conflicting investor lists between the company announcement and Bloomberg underscore the need for continued verification as the company scales.
| Founded | Not publicly disclosed |
|---|---|
| HQ | New York City, NY |
| CEO | Noam Schwartz |
| Product | AI trust, safety, and security platform |
| Total Raised | $280 million |
| Latest Round | $140 million led by Apax Digital Funds (August 25, 2026) |
| Status | Active |
| Round | Date | Amount | Lead Investor | Valuation | Co-Investors |
|---|---|---|---|---|---|
| Undisclosed Series [INFERRED] | August 25, 2026 | $140 million | Apax Digital Funds | Close to $1 billion (per CEO Noam Schwartz) | MoreTech, Phoenix Financial; existing investors Resolute Ventures, Grove Ventures, CRV, Highland Europe, Vintage Investments, Norwest, NFX, Claltech; also SentinelOne Inc. and Samsung Electronics Co. per Bloomberg |
| Previous Rounds (Total) [INFERRED] | Not publicly disclosed | $140 million | Not publicly disclosed | Not publicly disclosed | Not publicly disclosed |
Frequently Asked Questions
What does Alice do?
Alice builds AI trust, safety, and security products that use intelligence gathered from tracking malicious actors to predict and prevent attacks on AI systems. Its moat rests on a proprietary dataset of real-world attacks built over nearly a decade. The company is approaching $100 million in annual recurring revenue and works with 8 of the 10 leading AI model labs.
How much did Alice raise and who led the round?
Alice raised $140 million in a funding round led by Apax Digital Funds, announced August 25, 2026. The round brings Alice’s total funding to $280 million. Apax Digital will join Alice’s board. The round included additional participation from MoreTech, Phoenix Financial, and existing investors, with per-investor amounts not disclosed. Bloomberg also reported participation from SentinelOne Inc. and Samsung Electronics Co.
What is Alice’s valuation after the round?
CEO Noam Schwartz said the investment gives Alice a valuation close to $1 billion, per Bloomberg. That implies a funding-to-valuation ratio of roughly 14%, within the expected 5-60% band. On the stated ARR of approaching $100 million, the implied revenue multiple is roughly 10x, though those figures are approximate. The deal has been confirmed as of August 25, 2026.
Who are Alice’s investors in this round?
Apax Digital Funds led the round, with participation from MoreTech and Phoenix Financial alongside existing investors Resolute Ventures, Grove Ventures, CRV, Highland Europe, Vintage Investments, Norwest, NFX and Claltech, per the company announcement. Bloomberg reported SentinelOne Inc. and Samsung Electronics Co. Per-investor amounts were not disclosed. The investor lists differ between the two sources.
How much revenue does Alice generate?
Alice is approaching $100 million in annual recurring revenue, with its AI business growing more than 500% over the past two years, per the company announcement. The company says it protects more than 3 billion people online and works with 8 of the 10 leading AI model labs. This revenue figure is company-stated and not independently audited.