Hristov & Partners, working with Dentons, has advised the EBRD on its investment in the USD 25 million Series A financing round for US-based Alcatraz AI. CMS reportedly advised Alcatraz AI.
According to an EBRD press release, the round was led by Almaz Capital and included the EBRD, Endeavor Catalyst, Silverline Capital, and Golden Seeds, along with participation from existing investors JCI Ventures, Ray Stata, and LDV Partners. Within the same round, a Silverline Partners Fund LP-led private equity consortium invested EUR 6.8 million in Alcatraz Bulgaria (as reported by CEE Legal Matters on October 14, 2022).
Alcatraz AI is a US-based company with a software product development team in Sofia, Bulgaria. The company develops facial recognition solutions using artificial intelligence and machine learning.
"At Alcatraz AI, we believe that safety and security is the first principle, and we are committed to leading a new era of frictionless access control by leveraging the unique power of the human face to make accessing spaces as secure, quick, and easy as unlocking your phone," Alcatraz AI CEO Tina D’Agostin commented. "We are excited to enter the next phase of our company's growth by partnering with our investors with a strong track record scaling companies globally that deliver next-generation technology."
The Hristov & Partners team included Partners Pavel Hristov and Biliana Shagova and Senior Associate Dragomir Stefanov.
The Dentons team included Dubai-based Partner Christopher Rose and Sand Diego-based Partner Amit Singh.
