Venture Capital: As Generative AI Booms, Pinecone Lands $100M Series B
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.
Related Story: CryptoGPT, A Startup Focused On AI Development Using Blockchain Technology, Nabs $10M
Latest Alternative Investment News
FinTech: Adyen Launches ‘Payout Services’ For Faster Payouts To The Gig And SMB Economies
Adyen, a global financial technology platform, has launched Payout Services, allowing its customers to make instant payouts to their users or partners. By connecting directly to real-time payment rails, Adyen’s…
Digital Assets: Oracle Red Bull Racing Seeks To Digitize Engagement With Fans On The Sui Blockchain
Oracle Red Bull Racing has announced a multi-year partnership with software company Mysten Labs to collaborate on Sui, which will serve as the team’s Official Blockchain partner. Sui, a Layer…
Venture Capital: Bold, L’Oréal’s Venture Capital Fund, Buys A Stake In Exotic Cosmetic Ingredient Maker Debut
L’Oréal’s (EPA: OR) corporate venture capital fund, BOLD, has announced a minority investment in Debut, a US biotech company specializing in the discovery, formulation, and manufacture of novel ingredients and…
Artificial Intelligence: In Flight Simulation, An AI Drone Tries To Kill Its Own Handler
During a simulated test at a London summit, an AI-controlled drone turned against its human operator, raising significant ethical concerns. Air Force Colonel Tucker “Cinco” Hamilton shared the incident, which…