AI or Not, a platform specializing in AI fraud detection, has secured $5 million in seed funding to enhance its capabilities in identifying AI-generated misinformation, including deepfakes in images, audio, and video.
The funding round, led by Foundation Capital, included participation from GTMFund, Plug and Play, and several angel investors. The company aims to address the growing threat of AI scams, which 85% of corporate finance professionals now consider an 'existential' risk, with over half having already encountered deepfake technology.
As generative AI scams are projected to incur over $40 billion in losses in the U.S. within the next two years, AI or Not has expanded its user base to over 250,000. The new funding will enable the development of more advanced tools to detect misinformation and stay ahead of evolving threats.
Zach Noorani from Foundation Capital stated, 'AI or Not's unique approach to AI detection solves this emerging problem,' emphasizing the importance of authenticity in the digital age.
The platform employs proprietary algorithms to verify content authenticity, addressing the rising public demand for transparency in digital media. CEO Anatoly Kvitnisky remarked, 'This funding allows us to continue our mission of creating a safer digital world by giving users the ability to detect and stop AI-driven fraud and misinformation before it causes harm.'