AI apps-building platform Portkey raises $15-M led by Elevation Capital

Bangalore- and San Francisco, CA (USA)-based artificial intelligence apps building platform Portkey.ai has raised USD 15 million in a Series A round led by Elevation Capital, with participation from existing investor Lightspeed.Founded by Rohit Agarwal, Portkey builds a unified control plane for production AI systems. The platform combines an AI gateway with governance, observability, reliability, and cost management features. Portkey is already processing over 500 billion LLM tokens across 125 million requests per day, managing more than $500,000 in daily AI spend for over 24,000 organisations globally. Its customers include AI-first companies such as Postman and Snorkel AI, among others.The company plans to use the new capital to expand its AI control plane and scale go-to-market operations. The funds will also enhance support for agent-based systems with controls for permissions, identity, and budget management, and improve performance for low-latency use cases.