US-Bulgarian security technology startup Alcatraz AI said on September 14 it has raised $25mn in a Series A funding round and intends to use the funds to double its engineering team in Bulgaria.
Alcatraz AI was set up in 2016 and is offering an autonomous access control system using 3D facial authentication and artificial intelligence (AI). Since its establishment, the company has raised nearly $50mn to further develop its product.
“The round was led by Almaz Capital, with participation from EBRD, Silverline, Endeavor Catalyst and Golden Seeds. We’re also thrilled to have our prior investors - Ray Stata, JCI Ventures, LDV Partners and various other angel investors - returning to participate in the round,” the company said in a press release on its website.
The EBRD said in a separate statement it participated in the fundraising as part of its Venture Capital Investment Programme, which supports early and growth-stage technology companies via equity and equity-linked instruments.