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Alternative Assets  + VC  |  May 2, 2023
Vector Data Storage Provider Pinecone Nabs $100M as Generative AI Continues Boom
By: Joe Palmisano

Vector Data Storage Provider Pinecone Nabs $100M as Generative AI Continues Boom

Pinecone, a New York-based provider of vector data storage for large language models that form a core component of the infrastructure that supports AI tools, raised $100 million in Series B funding, valuing the startup at $750 million.

The round was led by Andreessen Horowitz with participation from ICONIQ Growth and previous investors Menlo Ventures and Wing Venture Capital.

The company has now raised $138 million including a $28 million Series A last year and a $10 million seed investment in 2021.

The company plans to use its technology to help businesses build AI-powered applications that can converse intelligently about proprietary data.

“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.”

The vector database space has been heating up since Pinecone launched a few years ago with Qdrant, Zilliz and Chroma all raising funds recently.

Pinecone’s customers include Shopify, HubSpot, Zapier and Gong.

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Pinecone

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.