DynamoFL, a privacy-preserving AI development platform, has raised USD 15.1 million in a Series A funding round co-led by Canapi Ventures and Nexus Venture Partners with participation from Formus Capital and Soma Capital. This round brings DynamoFL's total raised to USD 19.3 million.
The company expects to use the proceeds to expand its product offering and grow its research team.
Analyst QuickTake: With widespread adoption of generative AI and large language models (LLMs) for business use across industries, DynamoFL finds itself among several startups looking to fill privacy and security gaps in the AI model development process. In late June 2023, BeekeeperAI raised USD 12.1 million to build an AI development platform based on secure enclaves.
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