In a groundbreaking development, Bhavish Aggarwal’s startup, Krutrim, specializing in Large Language Models (LLMs), has successfully secured $50 million in an equity funding round led by Matrix Partners and other investors, propelling the company to a valuation of $1 billion. This remarkable achievement not only signifies a major milestone for Krutrim but also stands as a noteworthy moment for the Indian tech ecosystem, as Krutrim cements its position as India’s fastest unicorn, achieving this status within a mere 40 days of its launch.
Krutrim is dedicated to developing an AI computing stack tailored to meet the specific needs of the Indian tech landscape. The company envisions building a comprehensive AI infrastructure for India, emphasizing the importance of indigenous technology. In a recent statement, Krutrim expressed its commitment to this mission, stating, “India has to build its own AI, and at Krutrim, we are fully committed to building the country’s first complete AI computing stack.”
The startup made waves in December with the unveiling of its Large Language Model (LLM), which boasts the most extensive representation of Indian data in its training. This model is designed to power generative AI applications for a variety of Indian languages and will serve as the foundation for Krutrim’s conversational AI assistant, proficient in multiple Indian languages.
Bhavish Aggarwal, the Founder of Krutrim, emphasized the need for India to cultivate its own AI capabilities, and Krutrim is positioning itself as a pioneer in this space. The company’s vision extends beyond just language models, as it aims to address diverse applications, including education and business communications, through its AI infrastructure.
In addition to its existing offerings, Krutrim recently unveiled Krutrim Pro, a multimodal LLM with enhanced capabilities to navigate languages and diverse topics fluently. This model, trained on an impressive 2 trillion tokens, is set to undergo a beta release in February 2024. Krutrim Pro is expected to cater to various sectors, including education and business communications, showcasing the company’s commitment to providing advanced and versatile AI solutions.
Furthermore, Krutrim has strategic plans to build indigenous data centers and deploy advanced computing solutions to reinforce its AI infrastructure. The company’s forward-looking approach involves creating a robust ecosystem that aligns with the unique requirements of the Indian market.
Reflecting on Krutrim’s financial strategy, it was disclosed that in October of the previous year, the company passed a special resolution to issue Series A and Series B debentures, amounting to Rs 197 crore (approximately $24 million). This funding was crucial for Krutrim’s early-stage development and contributed to the rapid progress that led to its unicorn status.
As Krutrim continues to spearhead innovation in the AI space, Bhavish Aggarwal’s visionary leadership and the team’s dedication to building indigenous AI solutions position the company as a key player in India’s tech evolution. The $50 million funding injection further propels Krutrim toward realizing its ambitious goals and solidifying its position as a unicorn in record time.
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