- Project develops vector databases for AI models
- The startup will make money in 2021
- The company closed the round with a market valuation of $750 million
The vector database startup for AI models Pinecone has reported the completion of a $100 million investment round. The headliner was a16z fund, which praises the project’s prospects.
Pinecone’s resulting market valuation reached $750 million. In addition to a16z, ICONIQ Growth, Menlo Ventures and Wing Venture Capital also participated in the round.
“These new AI applications create, store and search vector databases.
At Pinecone, we’re creating a common standard for this technology to ensure developers have access to a scalable and cost-effective model,”
Pinecone CEO Edo Liberty.
The startup went public in 2021. But the real leap forward was when AI language models became popular.
“The advent of AI applications is changing the way companies think about storage.. In a very short time, Pinecones have become an important stack of the AI segment.
We’re excited to work with the team on this project and will continue to support it,” said a16z.
We previously covered the new AI model from JPMorgan Chase. Its task is to monitor the impact on the market of statements by the heads of the Fed and other central banks.
And the project is showing good results.