TrueFoundry Bags $19 Mn To Build A Universal AI Platform

Platform as a service (PaaS) startup TrueFoundry has raised $19 Mn (INR 166.50 Cr) in its Series A funding round led by Intel’s investment arm, Intel Capital. The round saw its existing investors, Eniac Ventures and Peak XV’s Surge, double down on the startup. 

New investors, including Jump Capital and angels Gokul Rajaram, Mohit Aron, and Cyan Banister, too, participated in the round. With the round, Intel Capital’s investment director Avi Bharadwaj joined TrueFoundry’s board of directors. 

The startup plans to utilise the fresh funds to accelerate its development of a universal platform, which builds and deploys AI applications with “zero infrastructure hassles”. Besides, the capital will also be utilised to expand its team and drive go-to-market efforts to drive customer acquisition and expansion.

Founded by Nikunj Bajaj, Abhishek Choudhary and Anuraag Gutgutia in 2021, TrueFoundry is a PaaS startup that simplifies the process of deploying and managing machine learning (ML) models in production. 

“At TrueFoundry, we’re building a future where AI manages AI–removing the bottlenecks of human intervention and unlocking unparalleled speed and scale,” CTO and cofounder Choudhary said.

The startup aims to redefine AI deployment with its AI Agent, which automates the workflows of enterprises. It claims that its software helps its customer achieve a 10X faster business value, save on infrastructure costs, and scale with smaller teams

The startup last raised $2.3 Mn in its seed funding round in September 2022 to expand its specialised technology team and further product development.

Since then, the startup claims that it has achieved a 4X year-over-year growth in customer base in 2024 and partnered with companies like Siemens Healthineers, Resmed, Automation Anywhere, Games 24×7 and NVIDIA.

TrueFoundry’s fundraise comes at a time when the dialogue on artificial intelligence in India has been heating up. During her eighth consecutive budget speech on February 1, finance minister Nirmala Sitharaman announced that the government will set up a Centre of Excellence in AI for education with a total outlay of INR 500 Cr.

Besides, union minister Ashwini Vaishnaw recently said that India plans to build its own foundational AI model in the next 10 months. Vaishnaw said that the government will make available 18,000 high-end GPU-based compute facilities for AI development to entities across the country in the next couple of days, which will enable the development of the AI model.

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