PaaS Startup TrueFoundry Raises $19 Mn In Series A Round

TrueFoundry, a platform as a service (PaaS) startup has raised $19 million (Rs 166.50 Cr) in its Series A funding round led by Intel’s investment arm, Intel Capital.

The round also saw participation from existing investors Eniac Ventures and Peak XV’s Surge (formerly Sequoia Capital India and SEA) with new investor Jump Capital also joined the round, alongside angel investors including Gokul Rajaram, Mohit Aron, Cyan Banister and executives from Fortune 1000 companies.

With this Series A funding, TrueFoundry's total funding now stands at $21 million. 

The company will use the new funds to create a platform for building and launching AI applications without infrastructure issues, expand its team and boost marketing to attract customers.

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Nikunj Bajaj, CEO & Co-founder of TrueFoundry, said, “Enterprises using TrueFoundry have built and launched their internal AI platforms in as little as two months, achieving ROI within four months–a stark contrast to the industry average of 14 months. Our platform integrates seamlessly across clouds, models, and frameworks, ensuring no vendor lock-in while future-proofing deployments for evolving AI patterns like RAGs and Agents.”

"TrueFoundry is uniquely positioned to address the growing complexities of AI deployment. Their platform simplifies the process for AI teams, enabling them to build, deploy, and scale applications with speed and efficiency,” said, Avi Bharadwaj, Investment Director at Intel Capital. 

Avi Bharadwaj, Investment Director at Intel Capital, will join TrueFoundry's board.

In September 2022, TrueFoundry raised $2.3 million in its seed funding round to expand its specialized technology team and further product development.

About TrueFoundry 

Founded in 2021 by Nikunj Bajaj, Abhishek Choudhary and Anuraag Gutgutia, TrueFoundry helps customers speed up AI development, reduce infrastructure costs and scale with smaller teams. It has optimized NVIDIA’s GPU usage for LLM workloads by automating resource allocation and job scheduling to improve efficiency. 

Its platform-as-a-service (PaaS) allows AI/ML teams to build, deploy and manage LLM applications on the cloud or on-premise with speed and security. With a developer-first approach, it simplifies AI deployment, enabling data scientists to create, test and scale independently.

TrueFoundry has grown its customer base 4X in a year, deploying over 1,000 clusters for ML workloads. It has also partnered with top companies like Siemens Healthineers, ResMed, Automation Anywhere and NVIDIA.

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