DynamoFL Raises $15.1 Million In Series A Funding The funding will primarily be used to scale up DynamoFL's team of Machine learning scientists and privacy experts to continue to grow the company's technology moat in privacy-preserving generative AI
By Teena Jose •
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DynamoFL, has closed a $15.1 million Series A funding round to meet demand for its privacy- and compliance-focused generative AI solutions. The round, co-led by Nexus Venture Partners and Canapi Ventures, also had participation from 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, and many more.
The company said it had raised $4.2 million in a Seed funding round last year bringing the total amount raised to $19.3 million. The funding will primarily be used to scale up DynamoFL's team of leading Machine learning scientists and privacy experts to continue to grow DynamoFL's technology moat in privacy-preserving generative AI.
"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," said Vaikkunth Mugunthan, CEO and co-founder, DyamoFL.
As per the company, it aims to work with policymakers as well as Indian Financial Services and Fintech companies to help them meet the upcoming compliance standards mandated by the India Digital Act, fostering a safer and more trustworthy digital ecosystem within India. It further added, the company is looking to hire top software engineering talent in India to scale up their ML and Software Engineering teams.
"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. We are thrilled to have partnered with Vaik, Christian and team in their journey of building an impactful company," said Jishnu Bhattacharjee, managing director, Nexus Venture Partners.
