The startup Pinecone Systems Inc., which specializes in supporting software for artificial intelligence, announced the attraction of investment funds for $ 100 million following the results of the financing round.
Source: Pixabay.com
This round was led by Andreessen Horowitz with the participation of Iconiq and existing investors Menlo Ventures and Wing Venture Capital. This is stated in the statement on attracting investments, which was published on Thursday, April 27. After this round of financing, the value of a startup operating in the field of artificial intelligence reached $ 750 million.
The company intends to use the raised funds for research and development. Also, part of the investment will be used to increase the number of employees and expand the business. This was announced by the chief executive officer of the company Edo Liberty.
According to data provider PitchBook, in February 2022, the startup attracted investments for $ 28 million. After that, the company’s value was $168 million.
Since then, interest in artificial intelligence and everything related to it has grown significantly. This was largely facilitated by chatbots, for example, ChatGPT, which have become one of the most discussed topics around the world. Against this background, the AI ecosystem has attracted significant investments. The influx of funds was not prevented by a broader decline in startup financing.
Pinecone provides vector data storage for large language models, including chatbots. Vector arrays of information form the main component of the infrastructure and serve as long-term memory, which is the basis of artificial intelligence-based tools.
Enterprises can use Pinecone to create AI-based applications that intelligently interact with sensitive data. The startup’s clients include Shopify Inc., HubSpot Inc., Zapier Inc., and Gong.
Edo Liberty believes that artificial intelligence models should be smart, and vector databases should contain the necessary knowledge. He also noted that combining deep learning networks with vector bases makes general intelligence more accessible and widespread.
Peter Levin, general partner at Andreessen Horowitz, stated that the broad applicability of infrastructure is the key to new data analysis across all industries. He also noted that this type of technology allows the use of artificial intelligence as a property of each new application.
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