Indian Tech Entrepreneurs Secure $61 Million for AI Startup
This week, Indian-origin tech entrepreneurs Varun Vummadi and Esha Manideep announced a remarkable achievement: their San Francisco-based artificial intelligence startup, Giga, has successfully raised $61 million in funding.
“We have completed a $61 million Series A round to automate customer operations,” they proclaimed via X on Wednesday. “Leading global companies, including DoorDash, rely on Giga to enhance customer experiences with AI.”
The duo also captivated social media with an amusing exchange. Esha humorously expressed that securing $61 million was not his primary passion, as their “initial vision centered on refining LLMs for enterprises.
While we excelled in some benchmarks, the business model proved unviable.” Varun retorted playfully, stating, “I am thrilled about the $61 million.”
In their latest communications on X, David Zhu, the co-founder and builder of Reevo, has stepped in as an investor for Giga while continuing to lead his own AI venture. Just days earlier, Giga announced a significant partnership with DoorDash.
Despite boasting of their AI agents managing hundreds of thousands of conversations daily, social media users resorted to unfounded trolling against the startup founders.
Who are Varun Vummadi and Esha Manideep?
Vummadi serves as the co-founder and CEO of Giga, with Manideep as the co-founder and CTO of the enterprise.
The two share a strong educational background, having graduated from the prestigious Indian Institute of Technology (IIT), Kharagpur, in the class of 2019-2023.
Varun earned a Bachelor of Technology in Electrical Engineering, while Esha obtained a degree in Computer Science. The seed for their AI startup was planted in their college dormitory.
Additionally, they were named in the Forbes 30 Under 30 Asia list for 2024. Founded in 2023, Giga ML received seed funding of $3.6 million, led by Nexus Venture Partners, with participation from Y Combinator, Liquid 2 Ventures, and prominent figures including Y Combinator President Garry Tan.
A retrospective LinkedIn post highlighted the sacrifices Vummadi and Manideep undertook to embark on their Giga journey.
At the time, Vummadi shared, “We are launching our product tomorrow, Esha Manideep, IIT KGP CS’23 (Institute rank: 3), and I am excited to launch our startup Giga.”
With aspirations to elevate their initiative globally, they aimed to streamline the utilization of Large Language Models (LLMs) for fine-tuning and inference. Vummadi disclosed that they faced tempting, life-altering offers post-graduation.
“Esha was presented with a $150K position as a system engineer at a top Indian high-frequency trading firm, while I received a PhD offer from Stanford and a $525K quant trading position at an international HFT,” he recounted.
They chose to forgo those opportunities in favor of solving intricate challenges in machine learning.
Notably, their collaborative efforts have yielded refined models reported to be “three times faster than GPT-4 API,” 70% more cost-effective, and outperforming the latter on specific applications. Vummadi confidently asserted, “We surpass the combined performance of GPT-4 and prompting techniques post fine-tuning.”
The duo recently participated in an interview with Y Combinator, where the startup accelerator characterized Giga as pioneering “the next generation of customer support—real-time AI agents capable of understanding emotions, resolving issues instantaneously, and scaling globally for major enterprises.”
Netizens Trolling Indian-Origin Co-Founders
Amid their monumental achievement, the online discourse shifted towards trivial matters rather than focusing on their significant accomplishments. Some social media users directed mockery at Varun and Esha, critiquing their accents and appearances.
A particularly viral tweet suggested, “If you raise $61M, perhaps hire more attractive individuals for the demonstration,” garnering nearly 3 million views at the time of reporting.
In a subsequent post, the individual who made the disparaging comment alleged that Varun had blocked him on X. Undeterred, he continued to unleash derogatory remarks regarding the Giga CEO’s appearance, juxtaposing past photographs with current images.
Another user unleashed hurtful comments, labeling them “ugly” and “lackluster in their English proficiency,” while also inserting a derogatory slur aimed at Indian persons.
Conversely, many came to the defense of Giga’s founders. An Indian-origin tech advocate pointed out, “Racism prevails on this platform. The silver lining is that they secured $61 million, while those making hateful comments remain far from that achievement. The difference is stark.”
Another user crafted a detailed retort to the detractors, applauding Varun and Esha for their perseverance despite facing significant obstacles. They lauded the founders for their unwavering commitment, summarizing their trials:
“They invested their own savings to build the product, subsisted on budget food for months, and faced harsh living conditions… Endured extensive pre-PMF anxiety, worked 12+ hours daily, often skipping meals.”
Closing their message, the netizen remarked, “If your takeaway is, ‘they raised $61M but couldn’t find more visually appealing presenters,’ it underscores the rigors of their arduous journey.”
Source link: Financialexpress.com.
