Pinecone, a New York-based vector database company providing long-term memory for AI, announced that it raised $100 million in Series B funding at a $750M valuation, to provide long-term memory for AI.
The funding round was led by Andreessen Horowitz, with participation from ICONIQ Growth and previous investors Menlo Ventures and Wing Venture Capital.
“The new wave of AI-powered applications create, store, and search through a large number of vector embeddings, which are AI representations of data,” said Edo Liberty, Founder & CEO of Pinecone. “We created Pinecone and the vector database category as a whole to let all AI developers easily work with a scalable and cost efficient database for this workload.”
Since introducing the vector database in 2021, Pinecone’s innovative technology and explosive growth have disrupted the $9 billion search infrastructure market and made Pinecone a critical component of the fast-growing $110 billion generative AI market.
Its vector database lets engineers work with data generated and consumed by Large Language Models (LLMs) and other AI models, making it an essential infrastructure technology for building commercial AI products that are scalable, reliable, and accurate.
Company: Pinecone Systems, Inc.
Raised: $100.0M
Round: Series B
Funding Month: April 2023
Lead Investors: Andreessen Horowitz
Additional Investors: ICONIQ Growth, Menlo Ventures, and Wing Venture Capital
Company Website: https://www.pinecone.io/
Software Category: Vector Database for Vector Search
About the Company: Founded in 2019 by Edo Liberty, Pinecone is a fully managed vector database that makes it easy to add vector search to production applications. It combines state-of-the-art vector search libraries, advanced features such as filtering, and distribution infrastructure to provide high performance and reliability at any scale. The managed service lets engineers build fast and scalable applications that use embeddings from AI models, and get them into production quickly. Pinecone’s vector database enables engineers to work with data generated and consumed by Large Language Models (LLMs) and other AI models, making it an essential infrastructure technology for building scalable, reliable, and accurate AI products. The company is headquartered in New York City, with offices in San Francisco, and Tel Aviv.
Source: https://www.businesswire.com/news/home/20230427005380/en/