ConfidentialMind Raises €1.5 Million Pre-Seed Funding
Raido Linde
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June 20, 2024
Espoo, Finland, 20 June 2024: ConfidentialMind, a generative AI software startup making software for companies and governments to create and deploy generative AI applications in their own data centers, has secured €1.5 million in pre-seed funding.
This funding consists of an equity funding round as well as a loan from the FinnishGovernment. The investment round was led by Failup Ventures with participation from the Angel CoFund managed by Innovestor, and Founder’s Edge, as well as top industry angel investors from Europe including Ilkka Hiidenheimo (co-founder of Stonesoft), Jonathan Scudder (co-founder of ForgeRock), Daniel Fried (former GM & SVP EMEA and Worldwide Channel at Veeam) as well as Jan Goetz and Juha Vartiainen (co-founders of IQM Quantum Computers).
ConfidentialMind will use the new funding to accelerate its growth by expanding its sales, marketing, and engineering teams. The funding will allow ConfidentialMind to expand to major markets in Europe and offer enterprises and governments a new way to run cost-efficient open-source AI models on top of their proprietary data.
ConfidentialMind was founded in 2023 by three data industry veterans: Markku Räsänen (CEO), Severi Tikkala (CTO), and Esko Vähämäki (Chief Architect). ConfidentialMind’s software product allows easy deployment and management of enterprise-grade LLM applications at scale especially in corporate and government data centers and hybrid environments combining the cloud and data centers.
Currently, enterprises and governments struggle to deploy AI applications in their data centers, because of the complexity of these environments, lack for tooling, and data protection issues with cloud-based generative AI models. ConfidentialMind solves this by bringing cloud-like ease of deployment of AI-applications to corporate and government data centers.
ConfidentialMind’s software works, at scale, with different types of data and datasources, allowing the creation of complex pipelines, closed-loop internal co-pilots, process automations, while eliminating the need for complex bespoke engineering work.
Markku Räsänen, CEO and co-founder of ConfidentialMind had this to say about the funding round:
“We are grateful to all our investors for believing in us and our vision. This funding round shows that it is possible to build leading AI companies out of the Nordics. We are seeing more and more interest from companies and governments in deploying their own open-source generative AI based applications, which tap into their enterprise or sovereign data.”
ConfidentialMind is expanding its offering into an all-encompassing platform offering all the tools that enterprises and governments need to build world-class generative AI applications on top of their most confidential data.
For more information about ConfidentialMind, visit the company website at: https://www.confidentialmind.com/
Website URL: https://www.confidentialmind.com/
Company Name: Confidentialmind Oy
Company Contact Email: info@confidentialmind.com
Office Location: Espoo, Finland
Raido Linde
Marketing Specialist
Confidentialmind Oy
Email: raido@confidentialmind.com
Phone: +358 40 368 3500
Website: confidentialmind.com
Markku Räsänen
CEO
Confidentialmind Oy
Email: markku@confidentialmind.com
Phone: +358 50 302 6510
Website: confidentialmind.com
