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Peak XV-backed TrueFoundry secures $19 Mn in Series A funding

Entrackr · 16d

TrueFoundry, an AI deployment and scaling platform, has raised $19 million in Series A funding, led by Intel Capital. Existing investors Eniac Ventures and Peak XV’s Surge, along with new investor Jump Capital and several angel investors, including Gokul Rajaram, Mohit Aron, Cyan Banister, and executives from Fortune 1000 companies, also participated. Avi Bharadwaj, the investment director at Intel Capital, will join TrueFoundry’s board of directors. The Bengaluru and San Francisco-based startup had previously raised $2.3 million in its seed round, led by Peak XV’s Surge, in September 2022. The new funding round will enable TrueFoundry to advance its mission of creating a universal platform for building and deploying AI applications without infrastructure challenges, the company said in a press release. The investment will also support key growth initiatives, such as expanding the team and enhancing go-to-market strategies to drive customer acquisition and business expansion. TrueFoundry offers a cloud-native platform designed to simplify machine learning (ML) training and deployment, enabling enterprises to efficiently manage AI applications. By collaborating with prominent companies such as Games 24x7 and Whatfix, TrueFoundry improves ML scalability and maximizes infrastructure efficiency. “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,” said Nikunj Bajaj, CEO and co-founder of TrueFoundry. According to the company, its platform integrates with multiple clouds, models, and frameworks, preventing vendor lock-in and ensuring deployments are prepared for emerging AI trends such as RAGs and Agents. This funding round comes after a year of strong growth for TrueFoundry, including a 4X year-over-year increase in customers, the deployment of more than 1,000 ML clusters, and partnerships with global companies like Siemens Healthineers, ResMed, Automation Anywhere, and NVIDIA.