Israeli vector database company Pinecone has announced the completion of a $100 million Series B financing round, at a $750 million valuation. The funding round was led by Andreessen Horowitz, with participation from ICONIQ Growth and previous investors Menlo Ventures and Wing Venture Capital.
The company, which was founded by CEO Ido Liberty, has offices in Tel Aviv, San Francisco and New York, provides long-term memory for AI. The latest financing follows a $28 million Series A financing round in March 2022 and $10 million in seed funding in January 2021.
Pinecone's vector database has disrupted the search infrastructure market and made the company a critical component of the fast-growing generative AI market. The vector database allows engineers to work with data generated 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.
Liberty said, "The new wave of AI-powered applications create, store, and search through a large number of vector embeddings, which are AI representations of data. 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."
Published by Globes, Israel business news - en.globes.co.il - on April 28, 2023.
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