DynamoFL Raises $15.1 Million in Series A

by Kay Aloha Villamor in August 17th, 2023

DynamoFL, a San Francisco, CA-based startup that offers software to bring large language models (LLMs) to enterprises and fine-tune those models on sensitive data, raised $15.1 million in Series A funding.

The round was co-led by Canapi Ventures and Nexus Venture Partners, with participation from Formus Capital and Soma Capital, bringing DynamoFL's total raised funds to $19.3 million.

The funds raised will be used to expand DynamoFL's product offerings and grow its team of privacy researchers. The company aims to enable enterprises to develop LLM solutions that are private and compliant without sacrificing performance.

The company’s primary focus is on enhancing the security and privacy aspects of LLMs, addressing critical vulnerabilities that arise from the potential leakage of sensitive training data and data security risks associated with LLMs.

DynamoFL offers an LLM penetration testing tool that identifies and documents data security risks, such as the potential for LLMs to memorize or leak sensitive information. Additionally, they provide an LLM development platform that incorporates techniques to mitigate model data leakage risks and security vulnerabilities.

Company: DynamoFL

Raised: $15.1M

Round: Series A

Funding Month: August 2023

Lead Investors: Canapi Ventures and Nexus Venture Partners

Additional Investors: Formus Capital and Soma Capital 

Company Website: https://www.dynamofl.com/

Software Category: Privacy-Preserving AI Platform

About the Company: Founded in 2021 by Vaikkunth Mugunthan and Christian Lau, DynamoFL is a company building a set of tools to test LLMs for privacy and general compliance. DynamoFL offers plug-and-play privacy penetration testing and compliance documentation solutions for LLMs, privacy-enhancing fine-tuning techniques, and advanced generative AI solutions for many Fortune 500 companies across the financial services, insurance, consulting, consumer electronics, and automotive sectors.

Source: https://techcrunch.com/2023/08/16/dynamofl-raises-15-1m-to-help-enterprises-adopt-compliant-llms/

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