Generative AI-focused enterprise tech startup Portkey.ai has successfully raised $3 million in a seed funding round led by Lightspeed. The funding round also witnessed participation from several angel investors, including AWS, OpenAI, Cloudflare, Postman, and Asana.
Portkey.ai Funding Utilization for Research, Development, and Market Expansion
Portkey’s co-founder, Rohit Agarwal, stated that the startup intends to utilize the funds to expand research and development (R&D), enhance its language model operations (LLMOps) stack, and strengthen its go-to-market strategy. Additionally, the funding will contribute to increasing hiring efforts across various verticals.
Enabling Efficient Deployment of Gen AI Apps
Agarwal highlighted the growing demand for AI apps that offer cost savings and rapid deployment. He expressed Portkey’s vision to empower teams and companies to confidently develop and deploy generative AI apps and features.
Lightspeed’s Perspective on the Partnership
Dev Khare, a Partner at Lightspeed, expressed excitement about partnering with Portkey. He emphasized the startup’s role in accelerating the development, deployment, and management of LLM-based applications and copilots for businesses and consumers. Khare praised the founding team’s expertise and experience in innovative journeys.
Portkey.ai Rapid App Deployment and Future Plans
Founded in 2023 by Rohit Agarwal and Ayush Garg, Portkey.ai specializes in expediting the process of building and deploying generative AI apps. The company claims to deliver AI apps within as little as two minutes. Portkey’s integrations with platforms like OpenAI, Anthropic, Langchain, and LlamaIndex facilitate effective management of LLMs and prompts.
The startup is currently managing millions of daily requests and has established partnerships with notable names like Postman, Jio Haptik, and Springworks. Looking ahead, Portkey plans to experiment and launch products in areas such as fine-tuning models and real-time canary testing.
Portkey’s ambitions align with the flourishing Indian internet economy, driven by significant app downloads. In 2022, India saw approximately 31.5 billion app downloads. The surge in enterprises seeking app solutions across domains further fuels the market. The Indian SaaS market is projected to exceed $26 billion by 2026, offering Portkey ample opportunity for growth and impact.
