RagaAI, a company specializing in AI testing and safety, founded by Gaurav Agarwal, a former executive at Ola Electric and NVIDIA, announced its first institutional funding of $4.7 million after emerging from stealth mode.
AI and machine learning-focused investor Pi Ventures led the funding round for RagaAI, with participation from Anorak Ventures, TenOneTen Ventures, Arka Ventures, Mana Ventures, and Exfinity Venture Partners. However, the company did not disclose the valuation of the funding.
RagaAI uses a core model known as RagaAI DNA to identify problems in AI products and services, such as those related to databases or data models. According to Gaurav Agarwal, the founder, the company utilizes more than 300 tests to pinpoint issues across various AI applications, including large language models (LLMs), computer vision, structured data, and audio and speech models.
Agarwal said that RagaAI provides its platform in two forms: as an integration into Python-based interfaces tailored for data scientists and machine learning (ML) engineers and as a standalone platform with a user-friendly interface.
Agarwal added that the firm will use the raised funds for further research and development of RagaAI’s technology. The company also aims to grow its team, mainly focusing on the US and European markets. According to Agarwal, this funding provides a runway of at least 18 months, complemented by the generated revenue.
As per Agarwal, RagaAI is actively collaborating with ten prominent companies and numerous medium and small-sized enterprises. While specifics were not disclosed, these clients span various sectors, including insurance, healthcare, pharmaceuticals, retail, automotive, and surveillance. Agarwal expressed RagaAI’s ambition to expand its client base to over 50 major clients by the conclusion of the calendar year 2024.
“A number of these firms are in the Fortune 100 and the Fortune 500, and are based in India, the United States and Europe,” he added.
Agarwal said that RagaAI is also collaborating with NVIDIA and Qualcomm to integrate its testing platform with some of their products and co-sell it.
“In the rapidly expanding AI landscape, the importance of reliable and unbiased systems is crucial, with AI testing emerging as the linchpin… RagaAI is well-suited to solve these massive problems for the AI deployments globally (sic),” said Manish Singhal, founding partner at Pi Ventures.
