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.