DynamoFL, a privacy- and compliance-focused generative artificial intelligence (AI) solutions startup announced that it has raised $15.1 million in a series A round led by Nexus Venture Partners and Canapi Ventures. The fundraising comes at a time when venture capital firms globally are betting big on early-stage AI startups.
The fresh capital will be used to expand the startup's team of machine learning scientists and privacy experts to continue to grow DynamoFL’s technology moat in privacy-preserving generative AI.
Formus Capital, Soma Capital, and angel investors Vojtech Jina, Apple’s privacy-preserving machine learning (ML) lead, Tolga Erbay, Head of Governance, Risk and Compliance at Dropbox and Charu Jangid, product leader at Snowflake also participated in the round.
The San Francisco-headquartered startup is looking to scale its team in India, eventually expecting to have 25 percent of its workforce here, a source in the know said.
DynamoFL was founded by two MIT PhDs, Vaikkunth Mugunthan and Christian Lau, who spent the last six years researching the cutting-edge, privacy-focused AI and ML technology forming the basis of the company’s core offerings.
Mugunthan, co-founder and CEO, DynamoFL said, "This investment validates our philosophy that AI platforms need to be built with a focus on privacy and security from day one in order to scale in enterprise use cases. It also reflects the growing interest and demand for in-house Generative AI solutions across industries.”
“While AI holds tremendous potential to transform every industry, the need of the hour is to ensure that AI is safe and trustworthy. DynamoFL is set to do just that and enable enterprises to adopt AI while preserving privacy and remaining regulation-compliant,” added Jishnu Bhattacharjee, Managing Director, Nexus Venture Partners.
Last year, the startup raised $4.2 million in a seed round, bringing the total amount raised to date to $19.3 million.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
