DynamoFL Secures $15.1M in Series A Funding to Revolutionize Privacy-Centric Generative AI Solutions
- ByStartupStory | August 17, 2023
DynamoFL, a startup specializing in privacy- and compliance-centric generative artificial intelligence (AI) solutions, has successfully secured $15.1 million in a series A funding round. The funding was led by Nexus Venture Partners and Canapi Ventures. This investment arrives during a period in which venture capital firms globally are displaying heightened interest in early-stage AI startups.
The newly acquired funds will be allocated towards the expansion of DynamoFL’s team, which includes machine learning scientists and privacy experts. The aim is to further fortify DynamoFL’s technological expertise in the realm of privacy-preserving generative AI.
The series A round also saw participation from Formus Capital, Soma Capital, as well as angel investors including Vojtech Jina, who is Apple’s lead for privacy-preserving machine learning, Tolga Erbay, who serves as the Head of Governance, Risk, and Compliance at Dropbox, and Charu Jangid, a product leader at Snowflake.
Based in San Francisco, DynamoFL has plans to significantly grow its team in India, with a projected target of having a quarter of its workforce stationed there, according to an insider source.
DynamoFL was established by Vaikkunth Mugunthan and Christian Lau, both MIT PhD holders. Over the past six years, they have been immersed in cutting-edge research centered around privacy-focused AI and machine learning technology, which forms the foundation of the startup’s core offerings. Mugunthan, co-founder and CEO, of 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.
In the previous year, DynamoFL had secured $4.2 million in a seed funding round, resulting in cumulative funding of $19.3 million up to this point.
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