Inspeq AI, which helps developers evaluate and improve their enterprise AI applications, has raised $1.1 million in its pre-Series A funding round led by AI-focused investment firm Sure Valley Ventures (SVV) with participation from Delta Partners, the company announced on Tuesday.
Early-stage investor Plug and Play and angels including Gaurav Singh Kushwaha (Founder and CEO of BlueStone), Prateek Dixit (Founder of Pocket FM), Rick Kelly (Former MD of Meta Ireland), Cyril Treacy (Former VP of Salesforce), and other tech executives also participated in the round.
“This investment will greatly accelerate Inspeq AI’s growth trajectory as we work towards advancing AI safety and performance on a global scale,” said Apoorva Kumar, Co-Founder and CEO, Inspeq AI.
Founded in 2023 by Apoorva Kumar (formerly at Microsoft, SAP, Amazon, and Informatica) and Ramanujam Macharla Vijayakumar (formerly at LinkedIn), Inspeq AI said its enterprise-ready LLM Ops platform makes Gen AI app development up to 4X faster and reduce development costs by up to 70 per cent.
The company said it will deploy capital to expand its product development team and extend its marketing and sales operations in India, Ireland, and the UK.
“After our first meeting with Apoorva and Ramanujam, we knew right away that they were the sort of founders we wanted to back. Their knowledge of the AI space was extremely impressive, as was their commitment to ensuring that companies develop and use AI in a positive and constructive way,” said Barry Downes, Managing Partner, SVV.
Inspeq AI said its AI Ops platform optimizes Gen AI deployment throughout all phases, from testing and evaluation to monitoring and performance enhancement. According to the company, it also significantly reduces security vulnerabilities and hallucination issues by up to 80 per cent.
According to data from research firm Mordor Intelligence, the enterprise AI market is expected to grow at a compound annual growth rate of 52.17 per cent from $25.10 billion in 2024 to $204.79 billion by 2029 as businesses realise the significance of AI in their processes to boost efficiency and reduce costs by automating process flows.