Bengaluru-based Giga ML has secured $3.6 million (Rs 30 crore) in seed funding, led by venture capital firm Nexus Venture Partners.
The round also saw participation from Y Combinator, Liquid 2 Venture, 8vdx and angel investors like Garry Tan (president and chief executive officer, YCombinator), amongst others.
Founded in 2023 by Varun Vummadi and Esha Manideep Dinne, Giga ML offers enterprises customisable large language models (LLMs).
An LLM is a type of a language model meant for its ability to achieve general-purpose language understanding and generation.
The platform allows businesses to deploy LLMs as robust as GPT-4 directly on their servers, thus eliminating the need to send sensitive information to external servers.
“At Giga ML, our priority is to ensure the privacy and security of enterprise data. Our goal is to position our company as a provider of on-premise secure LLMs, allowing enterprises to use the power of LLMs without compromising their data integrity,” said Vummadi, co-founder, Giga ML.
The startup caters to a host of industries including healthcare, legal, and finance spaces. Currently, its use cases are customer support internal knowledge search and code generation for the productivity of engineering teams.
On the other hand, Nexus Ventures was founded by Naren Gupta, Suvir Sujan and Sandeep Singhal in 2006. The VC firm, which had bet on companies like Snapdeal, Delhivery, Hasura and WhiteHatJr, closed its seventh venture capital fund focussed on India and the US after raising $700 million, at the start of the year.
The new fund, Nexus Ventures VII, will back entrepreneurs building disruptive companies across AI, SaaS, fintech and commerce.
Previously, for its first fund, it had raised about $100 million. Its second fund had a corpus of about $220 million. For its third fund, the VC firm raised $270 million in 2012.
It floated its fifth fund to raise $450 million and received commitments of about $350 million by May 2019.
