Portkey Raises $15 Million in Series A Funding for AI Apps

Portkey, a platform for developing artificial intelligence applications, has successfully secured $15 million in a Series A funding round, led by Elevation Capital, with contributions from existing investor Lightspeed. Earlier, in August 2023, Portkey had raised $3 million in a seed funding round also led by Lightspeed.

This funding will be directed towards expanding Portkey’s AI control plane and scaling their market operations. The proceeds are set to enhance support for agent-based systems, introducing supplementary controls focused on permissions, identity, and budget management while boosting performance for low-latency use cases.

Portkey’s Innovative AI Control Platform

Founded by Rohit Agarwal, Portkey is designed to create a unified control plane tailored for production-level AI systems. The platform integrates an AI gateway with features aimed at governance, observability, reliability, and cost management. Positioned along the AI traffic pathway, it enables enterprises to efficiently manage model usage, enforce compliance policies, and monitor spending in real time.

Impressive Processing Metrics

Portkey stated that it currently processes over 500 billion LLM tokens through 125 million requests daily. The platform is responsible for managing over $500,000 in AI expenditures each day for more than 24,000 organisations worldwide. Notable clients include Postman and Snorkel AI.

In a move to facilitate early governance and observability controls in AI deployments, Portkey has also made its core enterprise gateway available for free, thereby lowering barriers for teams to implement these essential features.

Elevation Capital’s Investment Focus

Last August, Elevation Capital launched a new $400 million fund aimed at supporting long-term investments in companies, including those preparing for initial public offerings (IPOs). For earlier-stage investments, Elevation continues to channel funds from Fund VIII, a substantial $670 million vehicle initiated in April 2022, which typically invests between $2 million and $5 million in emerging startups.