Pinecone, the AI long-term memory provider using vector database technology, has secured $100M in Series B funding with a valuation of $750M. Andreessen Horowitz led the funding round, alongside ICONIQ Growth and previous investors Menlo Ventures and Wing Venture Capital.
Pinecone’s groundbreaking vector database has created a storm in the search infrastructure industry, resulting in explosive growth and becoming a critical part of the booming $110B Generative AI market. The innovative technology has disrupted the $9B market with its capability to work with data produced and consumed by Large Language Models (LLMs) and other AI models, making it an essential infrastructure for scalable, reliable, and precise AI product development.
Edo Liberty, Pinecone’s Founder and CEO, stated, “The new era of AI-driven applications produces, stores, and searches through a large number of vector embeddings, which are AI representations of data. Pinecone and the vector database category were created to enable all AI developers to efficiently work with a scalable and cost-effective database for this workload.”
With the emergence of generative AI, Pinecone has become a critical component of the AI application software stack. In Q1 of 2023, the company witnessed a tremendous surge in paying customers, including Gong and Zapier, across all sectors and sizes.
Peter Levine, General Partner at Andreessen Horowitz, stated that “The rise of AI is causing a fundamental shift in the way companies manage data. Pinecone has become a standard and crucial element of the modern AI stack in a very short period of time. We’re excited to partner with Edo, Bob, and the rest of the startup team to support their vision of becoming the memory layer for AI applications.” Pinecone’s success is a testament to the growing demand for AI infrastructure and the company’s ability to provide scalable solutions to the most pressing challenges in the field. With its innovative product, efficient growth engine, and world-class team, Pinecone is poised to lead the next wave of AI-powered innovation.
Bob Wiederhold, President of Pinecone, expressed his excitement about Andreessen Horowitz leading the funding round and their continued support from existing investors. He also emphasized the company’s ability to capitalize on hypergrowth amidst the AI revolution and transform various lines of business, creating new ones in AI search, chatbots, agents, and more. With the newly acquired funding, the company plans to leverage its momentum and continue driving innovation in the field.
Pinecone’s vector database serves as the backbone for AI models, providing long-term memory and essential infrastructure for AI-powered applications. The managed service enables engineers to rapidly build fast and scalable applications that use embeddings from AI models and quickly deploy them in production. The A.I Company has a strong financial backing from investors including Andreessen Horowitz, Menlo Ventures, Wing Venture Capital, and others, and operates in San Francisco, New York, and Tel Aviv.