German AI firm deepset, an enterprise platform focused on building applications with LLMs, has successfully raised $30m in a recent round.
The round was led by Balderton Capital. The round also included participation from existing investors such as GV (Google Ventures), and Harpoon Ventures.
deepset is a leading AI company that provides a robust platform for businesses to build applications using LLM technology. Its offerings allow companies to translate decades of machine learning research into production-ready applications without needing extensive knowledge of underlying microchip architecture or being an NLP or LLM scientific researcher. deepset’s Haystack framework and deepset Cloud help in bridging this technical gap, enabling transparent and secure AI applications development.
The newly raised funds will be utilised to further develop deepset’s offerings by refining the deepset Cloud for RAG (retrieval-augmented generation) applications. The company aims to improve the evaluation of every component in a RAG pipeline and focus on making the platform suitable for customers with heavy privacy constraints by optimising for virtual private cloud (VPC) setups. Additionally, the LLM observability in deepset Cloud will diversify and improve.
deepset co-founder Milos Rusic said, “Enterprises can see huge benefits from leveraging LLM technology. At deepset, we’re providing a platform that helps to bridge the decades of research in machine learning and computer science into production-ready applications. In the same way you don’t need to know much about microchip architecture to write software, you don’t need to be an NLP or LLM scientific researcher to use our Haystack framework and deepset Cloud.”
Additionally, James Wise, partner at Balderton, remarked, “The pace of change in the power of LLMs is remarkable, but to date, there has been a lot of testing without the tools needed to get applications built of these new models into production. deepset Cloud and Haystack provide the tools and platform for enterprises to develop powerful new AI applications transparently and securely.”
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