Finnish generative AI software startup ConfidentialMind has raised a €1.5 million pre-seed round from Failup Ventures, Angel CoFund, and various angel investors. The fresh capital will enable ConfidentialMind to enter several markets across Europe.
- Founded in 2023 by Markku Räsänen, Severi Tikkala, and Esko Vähämäki, ConfidentialMind specializes in developing software that simplifies the deployment and management of large language models (LLMs) in enterprise and government data centers. Their solution addresses the complexities and data protection challenges associated with cloud-based AI models by offering an on-premises alternative that delivers the ease of deployment typically found in cloud services.
- ConfidentialMind's technology supports complex pipelines, internal co-pilots with closed-loop capabilities, and process automation, making it indispensable for organizations and government entities seeking to leverage AI capabilities while maintaining control over their data.
Details of the deal
- The fresh capital was led by Failup Ventures, a Finnish-American venture capital firm specializing in early-stage startups with investment tickets typically ranging between $200,000 and $1 million.
- The investment saw participation from Angel CoFund, managed by Innovestor and Founder’s Edge, and various angel investors, including Ilkka Hiidenheimo, co-founder of Stonesoft; Jonathan Scudder, co-founder of ForgeRock; Daniel Fried, former GM, and SVP EMEA, and Worldwide Channel at Veeam; and Jan Goetz and Juha Vartiainen, co-founders of IQM Quantum Computers.
- With the €1.5 million, ConfidentialMind plans to expand its sales, marketing, and engineering teams in Europe, focusing on helping clients install open-source generative AI applications that integrate with enterprise and sovereign data.
“This milestone will help us accelerate our mission to enable enterprises and the public sector to create and deploy AI applications using their most confidential data,” ConfidentialMind’s team commented on LinkedIn.
