DynamoFL, a provider of privacy solutions and artificial intelligence for large enterprises, secured $15.1 million as part of a new fundraising round that was jointly led by Canapi Ventures and Nexus Venture Partners, two existing investors.
The company stated that it will use the additional funding to increase team size, expand its development role, and strengthen its technological expertise beyond its machine learning domain, as reported by The Economic Times.
“With the funding, we are going to double the team size. Now we already have like 18 people and we are heading to around 30-35 people by the end of the year. We are going to hire machine learning engineers, scientists, quality backend engineers, architects, and Devops kinds of roles,” Vaikkunth Mugunthan, cofounder and chief executive of DynamoFL, told ET.
“We are finding vulnerabilities that large generative models have with respect to privacy and we provide organisations and companies with solutions to train these models (keeping sensitive data safe),” Mugunthan said.
“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,” said Jishnu Bhattacharjee, managing director at Nexus Venture Partners, in a statement.
DynamoFL was established in 2021 and holds the opinion that privacy and practical considerations should be taken into account when developing AI. They facilitate the adoption of cutting-edge research for the next generation of AI products by Fortune 500 organisations by operating at the nexus of ML research and industrial applications.