Alice Raises $140M as AI Security Soars 500%

AI trust and security firm Alice, formerly ActiveFence, has raised $140 million in a funding round led by Apax Digital Funds. The company sells adversarial testing and guardrails for AI models, serving frontier labs including Anthropic, Google, and Cohere. Its AI business has grown over 500% in two years, with annual recurring revenue nearing $100 million. Founded in 2018 as a trust and safety vendor, Alice built its edge through Rabbit Hole, a dataset of real-world adversarial content now used to stress-test AI models. The round values the company at $700-800 million and brings total funding to $280 million.