ML platform TrueFoundry raises $2.3 Mn in seed funding
TrueFoundry has announced that it has secured $2.3 Mn in seed funding led by Sequoia India and Southeast Asia’s Surge. The funding round also included other participating investors like Eniac Ventures and prominent angels such as AngelList Co-Founder Naval Ravikant.
Other angel investors include Deutsche Bank Global CIO Dilip Khandelwal, Head of GitHub India Maneesh Sharma, Greenhouse Software CTO Mike Boufford and Kaggle Founder Anthony Goldbloom.
The new cash injection will be used to hire and expand its specialised technology team and further progress with product development.
The funding comes at a time when the world is learning the true value of machine learning. It offers immense opportunities for businesses, yet the development and launch of ML models is a time-intensive and complex process for software engineers, ML engineers and data scientists.
While large companies can bridge the time-intensive process gap by deploying large, high-end ML platform teams to design and launch ML models, it is less feasible for smaller companies and startups to commit such high investments while building their companies.
According to the co-founders, TrueFoundry was founded to automate repetitive tasks in the ML pipeline such as infrastructure and deployments, so that data scientists and ML engineers can focus on higher-value, more creative tasks. This enables businesses to continuously upgrade existing models and release new ones to gain a competitive edge.
Nikunj Bajaj, Co-Founder and CEO of TrueFoundry said, “TrueFoundry was born out of the idea that no business – big or small – should miss out on the opportunities of machine learning. With our automated platform, data scientists and engineers can deploy machine learning models at the speed and maturity of big tech, cutting their production timelines from several weeks to a few hours.”
He also said that data is the new oil, and the company wants to enable other companies to use machine learning faster and generate greater business value. The investors and team share the belief that TrueFoundry is paving the way for innovation that will propel businesses for the future ahead, and their participation in our pre-launch funding is a great testament to that.
TrueFoundry boasts clientele including Amazon Web Services (AWS), Google Cloud, Tensorflow and Kubernetes.
The company is headquartered in the USA. The co-founders Abhishek and Nikunj worked together in Meta (the parent company of Facebook) where Abhishek was the software engineer and Nikunj was the ML Tech Lead. Anuraag is an angel investor in over 22 startups. The trio were undergraduate batchmates from IIT Kharagpur. They also cofounded EntHire, an AI-based recruitment platform acquired in 2021 by Info Edge.