AI co Pinecone raises $100m at $750m valuation

By Investor Empires On Apr 28, 2023

Pinecone’s vector database provides long-term memory for AI.

Israeli tanker database company pinecone announced the completion of a $100 million Series B financing round, valued at $750 million. The funding round was led by Andreessen Horowitz, with participation from ICONIQ Growth and previous investors Menlo Ventures and Wing Venture Capital.

The company, founded by CEO Ido Liberty, has offices in Tel Aviv, San Francisco and New York, and provides long-term memory for artificial intelligence. The latest funding follows a $28 million Series A funding round in March 2022 and $10 million in seed funding in January 2021.

Pinecone’s vector database disrupted the search infrastructure market and made the company an important component of the rapidly growing generative AI market. The vector database allows engineers to work with data-generated Language Large Models (LLMs) and other AI models, making it an essential infrastructure technology for building commercial AI products that are scalable, reliable, and accurate.

Liberty said, “The new wave of AI-powered applications create, store and search a large number of vector textures, which are AI representations of data. We created Pinecone and the vector database class as a whole to allow all AI developers to easily work with a scalable and efficient database of In terms of cost for these workloads.”

Published by Globes, Israel business news – en.globes.co.il – on April 28, 2023.