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SydeLabs Secures $2.5 Mn in Seed Funding for AI-Led Risk Management Solutions

SydeLabs, an artificial intelligence-led risk management solutions provider, has made headlines by raising $2.5 Mn as part of its seed funding.

The funding round was led by RTP Global, where early-stage investment firm Picus Capital, along with marquee angel investors, including Kunal Shah (Cred founder) and Sai Srinivas Kiran (Mobile Premier League founder), among others, also participated.

As per the startup, the freshly raised funds will be used for research and development (R&D) and to build on its existing product portfolio.

Founded by Ruchir Patwa and Ankita Kumari in 2023, SydeLabs enables enterprises and core AI companies to identify vulnerabilities in their generative AI models and applications. SydeLabs provides enterprises with real-time protection against attacks while staying compliant before they go into final production.

Currently, the startup offers two products, both in the beta stage:

  1. Syde Box, which helps detect vulnerabilities in AI models
  2. Syde Guard, a real-time firewall that tracks security vulnerabilities after AI applications are deployed.

Speaking about the development, Ankita Kumari, Co-founder of SydeLabs, highlighted that most enterprises use one of the open-source foundational models available and then build the context of their enterprises on top of it to launch AI apps.

Kumari added,

“However, open models are actually not tuned for safety and security and inherit some of these vulnerabilities, which can later seep into an enterprises’ AI applications. SydeLabs helps detect these vulnerabilities early on during the production cycle.” 

SydeLabs Funding
SydeLabs Founders: Ruchir Patwa and Ankita Kumari

At present, the firm, with its tech team based in Bengaluru, works with over 10 enterprises across India and the US. 

Within just four months of launch, the firm has deployed its products across 50 AI applications and is currently working with clients across e-commerce, travel, and financial services. It is also collaborating with companies in India to build large foundational AI models. In the same time frame, the firm has enabled its clients to track over 10,000 vulnerabilities.

As per the firm, it plans to hit $1 million in annual recurring revenue (ARR) by the end of 2024.

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