Apax Digital led a $140 million funding round in Alice, the AI trust, safety, and security company formerly known as ActiveFence, with participation from existing investors including Resolute Ventures, Grove Ventures, CRV, Highland Europe, Vintage Investments, Norwest, NFX, and Claltech. Total funding now reaches $280 million, and Apax Digital joins the company's board. Alice, an Israeli-American company founded in 2018, rebranded in January 2026 and reports approaching $100 million in annual recurring revenue with its AI business growing over 500% in two years.

The company operates across the full AI lifecycle, working with frontier labs like Anthropic, Google, and Cohere to test models with malicious prompts before deployment. For enterprise clients, it simulates attacks, tests for data leaks, and monitors live model inputs and outputs. The International AI Safety Report 2026 found that even well-defended models can be broken at high rates, with new attack techniques emerging faster than defenses. Research organisation MET R has catalogued dozens of incidents where AI agents acted beyond their scope.

Chief executive and co-founder Noam Schwartz stated there are infinite ways to break an AI and the industry is democratising capabilities faster than security defences. Apax Digital views AI security as a durable "picks and shovels" investment in the AI boom.