DynamoFL on Wednesday announced that it has closed a USD 15.1-million funding round. Nexus Venture Partners and Canapi Ventures led the latest round, which also saw participation from other investors, the company said in a release.
“The round, co-led by Nexus Venture Partners and Canapi Ventures, also had participation from Formus Capital, Soma Capital, and angel investors Vojtech Jina, Apple’s privacy-preserving machine learning (ML) lead, Tolga Erbay, Head of Governance, Risk and Compliance at Dropbox and Charu Jangid, product leader at Snowflake, to name a few,” the release said. The release said that DynamoFL has closed a USD 15.1 million ‘series A’ funding round to meet demand for its privacy- and compliance-focused generative AI solutions.
The funding will primarily be used to scale up DynamoFL’s team of machine learning scientists and privacy experts to continue to grow DynamoFL’s technology moat in privacy-preserving generative AI. The company’s flagship technology, which allows customers to safely train Large Language Models (LLM) on sensitive internal data, is already in use by Fortune 500 companies in finance, electronics, insurance, and automotive sectors, the release added. DynamoFL is an enterprise solution for privacy-preserving generative AI. The company raised USD 4.2 million in a seed round last year bringing the total amount raised to USD 19.3 million.
