 "artificial intelligence, Ai")
Privacy and compliance-focused generative Artificial Intelligence (AI) firm DynamoFL, Inc. announced on Wednesday that it has closed a Series A funding round of $15.1 million. The round was co-led by Nexus Venture Partners and Canapi Ventures, aimed at scaling up the company's enterprise solutions.
DynamoFL's flagship technology enables customers to train Large Language Models (LLMs) securely on sensitive internal data. It is already employed by Fortune 500 companies across finance, electronics, insurance, and automotive sectors. The firm raised $4.2 million in a seed round last year, bringing the total amount raised to $19.3 million.
Participants in the funding round included Formus Capital, Soma Capital, and angel investors such as Vojtech Jina, Apple's lead for privacy-preserving machine learning (ML), Tolga Erbay, Head of Governance, Risk and Compliance at Dropbox, and Charu Jangid, a product leader at Snowflake. The newly acquired funds will primarily be used to expand DynamoFL's team of machine learning scientists and privacy experts.
LLMs pose unprecedented privacy and compliance risks for enterprises due to their open-source platforms. According to Bloomberg, the Generative AI market is expected to grow to $1.3 trillion by 2032. This projection has also fueled the demand for AI solutions that can adhere to compliance and security standards.
DynamoFL's CEO and co-founder, Vaikkunth Mugunthan, commented, "This investment validates our philosophy that AI platforms need to be constructed with an emphasis on privacy and security from day one to scale in enterprise use cases. It also reflects the growing interest and demand for in-house Generative AI solutions across various industries."
The company's privacy evaluation suite offers testing for data extraction vulnerabilities and automated documentation, ensuring that enterprises' LLMs remain secure and compliant. Their comprehensive suite, including the Privacy Evaluation Suite, Differential Privacy, and Federated Learning modules, aids organisations in implementing enterprise-grade, private, and secure in-house Generative AI solutions, all at a fraction of the usual time and cost.
"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 of Nexus Venture Partners.
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In alignment with its goals, DynamoFL intends to collaborate with policymakers as well as Indian Financial Services and Fintech companies. The aim is to assist them in meeting the forthcoming compliance standards stipulated by the Digital India Act, thus fostering a safer and more trustworthy digital ecosystem within India.
