Pinecone achieved a valuation of $750 million in the round.

Pinecone Systems Inc. has secured $100 million in funding in a recent investment round led by Andreessen Horowitz, which puts the company’s valuation at $750 million. The New York-based startup provides vector data storage for large language models that form a core component of the infrastructure that supports AI tools.

The funds will be used for research and development, hiring, and scaling up the business. The company aims to use its technology to help businesses build AI-powered applications that can converse intelligently about proprietary data. (Fortune)

Pinecone Founder and CEO Edo Liberty said in a blog post announcing the raise: “The rise of generative AI propelled Pinecone to become an integral part of the software stack for AI applications. In Q1 2023, we experienced explosive growth in AI developers and innovators building amazing applications on Pinecone’s free plan. We also saw a massive increase in paying customers across all industries and sizes, including leading companies like Shopify, Gong, HubSpot, and Zapier.”

Pinecone’s customers include prominent companies such as Shopify, HubSpot, Zapier, and Gong. The round of funding will enable the company to continue its growth and drive forward the AI-led transformation of business that is currently underway.

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