Platform as a service (PaaS) startup TrueFoundry has announced that it has raise of $19 Mn (INR 166.50 Cr) in a Series A funding round led by Intel’s investment arm, Intel Capital. The round saw its existing investors, Eniac Ventures and Peak XV’s investment arm Surge, double down on the startup. New investors, including Jump Capital and angels Gokul Rajaram, Mohit Aron, and Cyan Banister, too, participated in the round.
The startup plans to utilise the fresh funds to accelerate its development of a universal platform, which builds and deploys AI applications with “zero infrastructure hassles”. Besides, the capital will also be utilised to expand its team and drive go-to-market efforts to drive customer acquisition and expansion.
“At TrueFoundry, we’re building a future where AI manages AI–removing the bottlenecks of human intervention and unlocking unparalleled speed and scale,” CTO and cofounder Abhishek Choudhary said.
Founded by Nikunj Bajaj, Abhishek Choudhary and Anuraag Gutgutia, TrueFoundry is a PaaS startup that simplifies the process of deploying and managing machine learning (ML) models in production.
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