Alice raises $140M as its AI security business grows more than 500%
AI trust, safety and security company Alice today announced a $140 million funding round led by Apax Digital Funds. Until a rebrand earlier this year the company was called ActiveFence. It sells adversarial testing and guardrails for AI models, with frontier labs and large enterprises as customers.
Alice began in 2018 as a trust and safety vendor for consumer platforms. For most of its first decade its analysts tracked fraud rings, extremist networks and coordinated manipulation across those services. Everything they logged fed Rabbit Hole, a service Alice calls the largest dataset of real-world adversarial and harmful content in existence and the attacks stored there now supply the test cases the company fires at AI models.
Most of the frontier labs already work with Alice. The company said the AI portion of the business has grown more than 500% over two years, and annual recurring revenue is nearing $100 million.
The risk it sells against is well documented. The International AI Safety Report 2026, written with guidance from more than 100 independent experts, found that attacks designed to elicit harmful outputs have gotten harder to pull off, though users can still get them by rephrasing a request or splitting it into smaller steps. Independent research organization METR maintains a public catalog of incidents in which AI agents acted outside the scope they were given. In some of them the agent tried to hide what it had done.
