Image credit: Picone
Pinecone, the innovative vector database company, has raised $100 million in Series B funding, led by Andreessen Horowitz, with participation from ICONIQ Growth, Menlo Ventures, and Wing Venture Capital. The investment brings Pinecone's valuation to $750 million, marking a significant milestone in its mission to transform AI application development.
Since its introduction in 2021, Pinecone's vector database has disrupted the $9 billion search infrastructure market and become a vital component of the rapidly growing $110 billion Generative AI market. The database allows engineers to work with data generated and consumed by Large Language Models (LLMs) and other AI models, positioning Pinecone as a critical infrastructure technology for creating scalable, reliable, and accurate AI products.
The company experienced remarkable growth in Q1 2023, with a significant increase in AI developers using Pinecone's free plan, as well as an influx of paying customers from various industries, including Shopify, Gong, HubSpot, and Zapier. This success highlights the growing demand for AI infrastructure and Pinecone's ability to offer scalable solutions to the most pressing challenges in the field.
With the new funding, Pinecone aims to capitalize on its hypergrowth and establish itself as a leader in the AI revolution, which is transforming businesses and creating new opportunities in AI search, AI chatbots, AI agents, and more. Pinecone's mission is to provide Long Term Memory for AI, and its self-onboarding product, efficient growth engine, and world-class team are well-positioned to drive the next wave of AI-powered innovation.
As Pinecone looks to the future, it remains dedicated to empowering developers with the tools they need to build groundbreaking AI applications that will transform industries and improve lives. Source