- 67.2% of surveyed enterprises prioritize adopting large language models (LLMs) by early 2024.
- Giga ML, founded by Varun Vummadi and Esha Manideep Dinne, develops an on-premise LLM platform for secure deployment.
- Giga ML secures $3.74 million in funding, plans team expansion, R&D, and customer support.
AI, especially text-generating AI like ChatGPT, is extremely popular. According to a survey of around 1,000 enterprise organizations, 67.2% consider adopting large language models (LLMs) a top priority by early 2024.
The survey reveals that a lack of customization, flexibility, and the inability to preserve company knowledge and intellectual property have prevented many businesses from implementing LLMs in their operations.
Giga ML's visionary duo
This led Varun Vummadi and Esha Manideep Dinne to ponder over a solution to the enterprise challenge; they established Giga ML, a startup that develops a platform enabling companies to deploy LLMs on-premise. This approach aims to reduce costs and safeguard privacy.
Vummadi stated that Giga ML's goal is to assist businesses in securely and effectively implementing LLMs on their own infrastructure or virtual private cloud. Giga ML simplifies the training, fine-tuning, and execution of LLMs through a user-friendly API, eliminating complications.
VC funding fuels Giga ML's growth
Vummadi mentioned that Giga ML has received approximately $3.74 million in VC funding from various investors, including Nexus Venture Partners, Y Combinator, Liquid 2 Ventures, and 8vdx.
Giga ML plans to expand its team and focus on product research and development shortly. Additionally, some of the funding will support Giga ML's customer base, which currently consists of undisclosed enterprise companies in the finance and healthcare sectors.
Edited by Shruti Thapa