Giga ML, a fresh entrant in the AI sector, has raised a substantial $3.6 million in its seed funding round. Nexus Venture Partners took the lead, with key players like Y Combinator, Liquid 2 Venture, 8vdx, and several angel investors, including Y Combinator‘s CEO Garry Tan, joining the initiative.
Specializing in on-premise large language model (LLM) services, Giga ML’s mission is to aid businesses that aim to integrate AI and LLM-driven solutions seamlessly. Such integrations are crucial for companies to tackle predominant challenges like data protection and compliance.
Established a mere three months ago by IIT Kharagpur alumni Varun Vummadi and Esha Manideep Dinne, Giga ML is quickly making its mark in Bengaluru’s tech ecosystem. They stand out by offering businesses refined models derived from influential open-source LLMs, such as GPT-4. These models can be implemented directly on internal servers, eliminating the concerns tied to transferring sensitive data to external entities.
Giga ML’s innovative approach has already resonated across various sectors, including healthcare, legal, and financial services. Their solutions play a pivotal role in enhancing customer service, streamlining internal knowledge bases, and facilitating code generation.
Reinforcing the startup’s commitment, CEO Varun Vummadi shared, “Our vision is to solidify Giga ML’s standing as the go-to entity for secure on-premise LLMs, ensuring businesses harness the potential of LLMs without compromising data sanctity.”
Nexus Venture Partners’ Managing Director, Abhishek Sharma, expressed his firm’s belief in the promise of the open-source domain and its relevance to LLMs in the enterprise landscape. Sharma elaborated, “The vast potential is evident, but the current landscape presents challenges in terms of tools and expertise for secure deployments. Giga ML is poised to lead the change and establish the gold standard in this realm.”
In a broader context, AI startups globally have witnessed a funding boom, with approximately $498 billion secured in just the first half of FY23, as per ET reports. India’s AI scene is also vibrant, with the nation boasting seven AI unicorns by 2023, amassing an impressive combined valuation of $25.4 billion, as highlighted by Air Street Capital’s recent report.
