San Francisco and Bengaluru-based startup GigaML has raised substantial funding in a seed round, amassing approximately 30 crore INR, just three months after its inception. Leading this funding round is Nexus Venture Partners. Additionally, this startup has received investments from Y Combinator, Liquid 2 Venture, 8vdx, and several angel investors, including Garry Tan, the CEO and President of Y Combinator.
What Does This Startup Do?
In today's era, the demand for secure AI and large language models is rapidly increasing. GigaML understands this need and works in that direction. It operates like GPT-4, installing large language models (LLMs) directly on enterprise servers. According to the startup, this eliminates the necessity to send sensitive data to external servers, such as those operated by OpenAI. The company was founded approximately three months ago by Varun Vummadi and Esha Manideep Dinne, graduates of IIT Kharagpur.
This startup was made accessible to the public 15 days ago. GigaML claims to have garnered significant attention. Their website ranks fourth in terms of most visited websites in Y Combinator's S23 batch. Notably, the platform is gaining the most interest from the healthcare, legal, and financial sectors.
What Do GigaML's Investors Say?
Abhishek Sharma, Managing Director of Nexus Venture Partners, expressed his enthusiasm for investing in GigaML. He believes that this startup will go a long way, given the increasing demand for LLMs. It's worth mentioning that Nexus Venture Partners has companies like Postman, Apollo.io, and Zomato in its portfolio. Earlier this year, the firm raised $700 million for its Nexus Ventures VII fund, aiming to support AI, SaaS, fintech, and e-commerce startups.
