Machine learning developer TrueFoundry raises $2.3 mn in seed funding

Company will use financing to expand technology team and for product development

TrueFoundry, a machine learning (ML) developer, has raised $2.3 million in seed funding led by Sequoia India and Southeast Asia's Surge. Other investors in the round included Eniac Ventures and Naval Ravikant, an angel investor.

TrueFoundry will use the funding for expanding its technology team and on product development, it said in a statement. "TrueFoundry was born out of the idea that no business--big or small—should miss out on the opportunities of machine learning. With our automated platform, data scientists and engineers are able to deploy machine learning models at the speed and maturity of big tech, cutting their production timelines from several weeks to a few hours," said Nikunj Bajaj, co-founder and chief executive officer of TrueFoundry.

The development and launch of ML models is a time-intensive and complex process for software engineers and data scientists. As a result, almost 90 per cent of ML models do not end up in production. For the models that make it to deployment, 50 per cent fail due to the absence of monitoring systems and 30 per cent have to be reverted due to scaling and latency, said the statement.

TrueFoundry, which has its headquarters in the US, has Amazon Web Services (AWS), Google Cloud and Tensorflow as clients and claims to enable ML teams to be ten times faster.

Other angel investors in the firm include Deutsche Bank Global CIO Dilip Khandelwal, Head of GitHub India Maneesh Sharma, Greenhouse Software CTO Mike Boufford, and Kaggle founder Anthony Goldbloom.