Qdrant, a Berlin, Germany-based open-source vector database specializing in managing and searching high-dimensional data, has secured $28 million in Series A.
The round was led by Spark Capital, with participation from existing investors Unusual Ventures and 42CAP.
Spark Capital is a venture capital firm that invests in the consumer, commerce, FinTech, software, frontier, and media sectors. Founded in 2005, the firm prefers to invest in seed-stage, early-stage, growth-stage, and later-stage companies.
Qdrant Use of Funds
The company will use the funding to accelerate its trajectory in the vector database domain.
Qdrant is a developer of a vector similarity search technology designed to power the next generation of artificial intelligence (AI) applications. The company, committed to privacy and security, offers on-premise and hybrid SaaS solutions, expanding its managed cloud offerings through collaborations with AWS, Google Cloud, and Microsoft Azure. Qdrant is able to handle billions of vectors, supports the matching of semantically complex objects, and is implemented in Rust for performance, memory safety, and scale.
Company: Qdrant Solutions GmbH
Round: Series A
Funding Month: January 2024
Lead Investors: Spark Capital
Additional Investors: Unusual Ventures and 42CAP
Company Website: https://qdrant.tech/
Software Category: Vector Similarity Search Engine and Vector Database