$100M For Startup That Provides AI With Long-Term Memory
An Israeli startup that provides AI with “long-term memory” has raised $100 million.
Pinecone has built a database that stores all the information and knowledge that AI models and Large Language Models use to function.
Its database, which has massive amounts of information, describes complex data – like strings of text, whole documents, videos, and images – as numerical measurements to represent their characteristics. This makes it much easier for generative AI models to pull up their ‘memories’ or search for information.
It also means users no longer have to label or tag data in a certain way when saving it, or remember those labels when trying to search for the information within the entire database.
The vector database is an important piece of technology to help build commercial AI products that are scalable, reliable, and accurate.
Pinecone says its technology has made it a critical component of the fast-growing $110 billion generative AI market, which includes tools like ChatGPT and DALL-E.
Pinecone, which is now valued at $750 million, is already being used by Shopify, Gong, HubSpot, and Zapier.
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The funding was raised by Andreessen Horowitz, with participation from ICONIQ Growth, and existing investors Menlo Ventures and Wing Venture Capital.
“With this funding, we are well-equipped to capitalize on our hypergrowth and cement our leadership position amidst the AI revolution that is transforming every line of business and creating new ones, from AI search to AI chatbots to AI agents, and beyond,” said Edo Liberty, CEO of Pinecone.
“Pinecone’s mission is to provide the Long Term Memory for AI, and we are well on our way to achieving that. Our self-onboarding product, efficient growth engine, and world-class team are here to power the next wave of AI-powered innovation.
“We are excited to support the fundamental shifts in the way companies approach data management in the era of AI.
Pinecone was founded in 2019, and is based in Tel Aviv.