Pinecone, a startup that provides technology for the development of artificial intelligence (AI) applications, has raised $100m in Series B funding at a $750m valuation.
Andreessen Horowitz led the round, which was joined by ICONIQ Growth and existing investors Menlo Ventures and Wing Venture Capital.
The company, which operates in San Francisco, New York, and Tel Aviv, has created a vector database that is used for large language models and other AI models.
Vectors are AI-generated representations of various complex data objects, such as documents, photos, customers, and products.
These representations use hundreds or thousands of dimensions to describe the objects in numeric form.
According to Pinecone president Bob Wiederhold, the company will use the funding to take advantage of its growth amid the ongoing AI revolution that is reshaping various industries and creating new ones, such as AI search, AI chatbots, AI agents, and more.
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Andreessen Horowitz general partner Peter Levine said: “The rise of AI is driving a fundamental shift in the way companies approach data management. In a very short amount of time, Pinecone has become a standard and critical component of the modern AI stack.”
Pinecone founder & CEO Edo Liberty said: “The new wave of AI-powered applications create, store, and search through a large number of vector embeddings, which are AI representations of data. We created Pinecone and the vector database category as a whole to let all AI developers easily work with a scalable and cost-efficient database for this workload.”
Recently, Weaviate, which provides access to open-source AI-native vector database, raised $50m in a funding round led by Index Ventures.