Privacy-solutions provider DynamoFL has secured $15.1 million in a fresh funding round, co-led by Nexus Venture Partners and Canapi Ventures. The company plans to utilize the raised funds to bolster its team strength, enhance its engineering capabilities, and strengthen its devops function. DynamoFL, an artificial intelligence (AI) infrastructure platform founded in 2021, assists large-scale enterprises in identifying vulnerabilities and fine-tuning their large language models (LLMs) to ensure privacy. With the infusion of this funding, DynamoFL has now raised a total of $19.3 million.
Vaikkunth Mugunthan, cofounder and CEO of DynamoFL, stated that with the funding, the company aims to double its team size from the current 18 employees to around 30-35 by the end of the year. The company plans to hire machine learning engineers, scientists, quality backend engineers, architects, and DevOps professionals. Mugunthan highlighted the importance of addressing vulnerabilities that large generative models have concerning privacy and providing organizations with solutions to train these models while keeping sensitive data secure.
DynamoFL’s AI infrastructure suite enables enterprises to fine-tune their language models where the data is present by deploying the platform’s infrastructure locally. The startup is currently working with six large enterprises, including Fortune100 companies in the insurance, finance, and automotive sectors. It also has a pipeline of 7-8 potential clients that it plans to onboard in the coming months. Around 60% of its clientele is based in the North America market, with the rest being split between Europe and the Asia Pacific. The platform charges a flat license fee and additional charges based on the number of projects using its solutions.
Jishnu Bhattacharjee, Managing Director at Nexus Venture Partners, emphasized the importance of ensuring the safety and trustworthiness of AI and commended DynamoFL for enabling enterprises to adopt AI while preserving privacy and remaining regulation-compliant. Mugunthan also mentioned that the recently-passed Digital Personal Data Protection Bill, 2023 in India is advantageous for the firm as it helps them to enter the Indian market more quickly.
Overall, DynamoFL’s latest funding round will not only contribute to the expansion of its team but also enhance its engineering capabilities. It positions the company to further assist large-scale enterprises in identifying vulnerabilities and fine-tuning their language models to ensure privacy and security. With its focus on privacy-focused AI solutions, DynamoFL is well-positioned to capitalize on the increasing demand for secure and trustworthy AI technologies.
