Pinecone, a NYC-based vector database company providing long-term memory for AI, raised $100M in Series B funding, at a $750M valuation.
The round was led by Andreessen Horowitz, with participation from ICONIQ Growth and previous investors Menlo Ventures and Wing Venture Capital.
The company intends to use the funds to expand operations and its business reach.
Led by Edo Liberty, Founder and CEO, Pinecone created the vector database, which acts as the long-term memory for AI models and is a core infrastructure component for AI-powered applications. The managed service lets engineers build fast and scalable applications that use embeddings from AI models, and get them into production quickly.
Pinecone, which operates in San Francisco, CA, New York, and Tel Aviv, Israel, saw a growth in paying customers — such as Gong and Zapier — across all industries and sizes, in Q1 2023.
