Former Meta Engineers' TrueFoundry Raises $19M to Simplify AI System Deployments

TrueFoundry, a startup founded by former Meta engineers, has secured a $19 million investment, spearheaded by Intel Capital. The company aims to aid enterprises in streamlining the deployment of AI systems at scale. The emergence of GenAI, following the launch of ChatGPT in November 2022, has prompted businesses of various sizes to consider adopting AI. However, GenAI's reliance on large language models requires substantial compute power, posing a challenge for many enterprises without easy access to numerous GPUs.

TrueFoundry addresses this issue by offering a platform-as-a-service model with features tailored for full-stack data scientists, including auto-scaling, proactive maintenance, centralized access controls, and real-time monitoring. Founded in June 2021 by Nikunj Bajaj, Abhishek Choudhary, and Anuraag Gutgutia, TrueFoundry initially provided cross-cloud native software for expediting machine learning deployments. As GenAI gained traction in 2023, the startup adapted its system to support GenAI capabilities. The company's autopilot system, powered by AI, enables the scaling of AI applications by adjusting GPU usage and fixing memory requirements, as evidenced by a customer managing 10 million requests per second with a team of only two individuals.

TrueFoundry boasts 30 paid customers globally, with several users leveraging its open-source RAG framework for experimentation. Notable clients include NVIDIA, Resmed, Siemens Healthineers, Automation Anywhere, Games24x7, and Whatfix. Leveraging Kubernetes, the software is multi-cloud ready and compatible with major cloud platforms, including AWS, Google Cloud Platform, and Azure, as well as native on-premise deployment. Customers using TrueFoundry have achieved a significant reduction in infrastructure spending and deployment speed improvement, with the company surpassing the industry average in ROI timeframe. As cloud vendors offer their own AI deployment solutions, TrueFoundry remains relevant by accelerating compute usage, reducing costs, and expediting time-to-market for AI applications.

The Series A funding round, comprising all-equity, involved Eniac Ventures, Peak XV Partners, Jump Capital, and angel investors such as Gokul Rajaram, Mohit Aron, and Cyan Bainster. TrueFoundry plans to utilize the investment to expand its team, particularly in the U.S., invest in partnerships, and launch its AI agent. With the recent funding, the total raised by TrueFoundry stands at over $21 million, following its $2.3 million seed round in September 2022. The company aims to capitalize on its current momentum and further increase its annual recurring revenue (ARR).