Artificial intelligence (AI)-led risk management solutions provider, SydeLabs, announced that it has raised $2.5 million in its seed funding round. RTP Global led the funding round, with participation from Picus Capital and angel investors such as Kunal Shah and Sai Srinivas Kiran. SydeLabs plans to utilize the funds for research and development (R&D) and to expand its product portfolio. The company was founded in 2023 by Ruchir Patwa and Ankita Kumari. It specializes in helping enterprises and AI companies identify vulnerabilities in their generative AI models and applications before they are deployed into production.
SydeLabs currently offers two products as part of its offerings. The first is Syde Box, a tool that detects vulnerabilities in AI models. The second is Syde Guard, a real-time firewall that tracks security vulnerabilities after AI applications are deployed. These products have been deployed across 50 AI applications within just four months of launch, and the company has already tracked over 10,000 vulnerabilities.
According to Ankita Kumari, one of the co-founders of SydeLabs, most enterprises use open-source foundational models and build their own AI applications on top of them. However, these open models are not tuned for safety and security, resulting in inherited vulnerabilities in the enterprises’ AI applications. SydeLabs aims to detect these vulnerabilities at an early stage during the production cycle.
SydeLabs currently works with over 10 enterprises in India and the US, with its tech team based in Bengaluru. The company charges its customers on a per scan and consumption basis. It plans to achieve $1 million in annual recurring revenue (ARR) by the end of 2024.
In addition to its current product offerings, SydeLabs is working on tools to help enterprises achieve compliance for their AI applications across different geographies, tailored to local rules and policies. The company also intends to form partnerships with large language model (LLM) operation providers to distribute its products and enhance its go-to-market strategy.
