US-and Bengaluru-based machine learning (ML) developer firm TrueFoundry on Tuesday said it has raised seed funding of $2.3 million (around Rs 18 crore) led by Sequoia India and Southeast Asia’s Surge.
The round also saw participation from Eniac Ventures, with angel investor Naval Ravikant (co-founder at AngelList).
The startup plans to use the fresh funding for product development and scale its technology team.
Founded by Abhishek Choudhary, Anuraag Gutgutia and Nikunj Bajaj last year, TrueFoundry is a platform that enables startups to deploy and monitor machine learning models at the speed of big tech companies – in hours instead of weeks.
“With our automated platform, data scientists and engineers are able to deploy machine learning models at the speed and maturity of big tech, cutting their production timelines from several weeks to a few hours. Data is the new oil, and we want to enable companies to use machine learning faster and generate greater business value,” said Bajaj.
Part of the global venture capital firm, Sequoia Capital India and Southeast Asia help founders build companies from idea to IPO to beyond. Some of its portfolio companies include Byju’s, Cred, Druva, Five Star Finance, Freshworks, GoTo, Groww, Kopi Kenangan, Mamaearth, Pine Labs, Polygon, Razorpay, Truecaller, Zomato and others.
Bengaluru-based burger chain Biggies Burger has secured Rs 5.5 crore as a part of its seed funding round led by Indian Angel Network, with participation from LetsVenture and a Singapore-based franchise of the company.
The fresh proceeds will be deployed by the startup to expand its footprints, scale franchising network and onboard more products.
Founded in 2011, Biggies Burger claims to currently serve customers across 27 cities with over 117 franchise units. The company aims to log 2X year-on-year growth in the next five years.
“Ever since our inception in 2011, we have come a long way. We are known for our commitment to quality ingredients and signature recipes. Our strong foothold in the country is fulfilling the demand in Tier-2, 3, and 4 cities. However, we want to expand our franchising model, and IAN’s investment will help us in this direction,” said Biraja Rout, founder at Biggies Burger.
“Young Indian consumers crave diversity in variety and flavours along with nutritional values and healthy options. Biggies Burger is the largest domestic burger brand who has pioneered grilled burgers in the country. They have achieved exceptional growth with their franchised partners and have excellent dine in facility in over 50 stores nationwide,” said Uday Chatterjee, IAN Lead Investor.
The Indian Angel Network, founded in 2006, has been a prominent investor in India’s startup ecosystem. The network has invested in startups like Dhruva Space, Spinny, Box8, Uniphore, Propelld and Wow! Momo, among others.