Total amount raised
$138 Millions
Latest funding date
Location
Title
Pinecone has successfully raised significant funding over multiple rounds, positioning itself as a key player in the AI and database industries. The company offers a vector database designed to seamlessly connect data with generative AI models.
Keep reading to explore the intricacies of Pinecone's fundraising journey and the investors backing this innovative platform.
What Is Pinecone?
Pinecone, founded in 2019 by Edo Liberty, is headquartered in New York, New York. The company specializes in developing a vector database that seamlessly connects data with generative AI models.
With a team of 101-250 employees, Pinecone integrates vector search libraries, filtering features, and distribution infrastructure to ensure reliability at any scale. Their platform supports various AI use cases, including recommendations, search, and retrieval-augmented generation (RAG).
For more information, you can visit their official website or check out their Crunchbase profile.
How Much Funding Has Pinecone Raised?
- Seed Round
- Amount Raised: $10M
- Date: January 2021
- Lead Investors: Wing Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and launch their vector database technology.
- Series A
- Amount Raised: $28M
- Date: March 2022
- Lead Investors: Menlo Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product capabilities.
- Series B
- Amount Raised: $100M
- Date: April 2023
- Lead Investors: Andreessen Horowitz
- Valuation at Round: $750M
- Motivation Behind the Round: To capitalize on hypergrowth and support the development of AI-driven applications.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: November 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity for early investors and employees.
Total Amount Raised: $138M. Current Valuation: $750M.
Key Investors
- Andreessen Horowitz
- Details: Andreessen Horowitz is a leading venture capital firm known for investing in technology companies. Peter Levine, a General Partner, led the $100 million Series B investment in Pinecone.
- Investment Focus Areas: Technology, AI, data infrastructure.
- Notable Investments: Facebook, Airbnb, Slack, Coinbase.
- ICONIQ Growth
- Details: ICONIQ Growth is a growth equity firm that invests in technology and innovation-driven companies. They participated in Pinecone's Series B funding round.
- Investment Focus Areas: Technology, enterprise software, growth-stage companies.
- Notable Investments: Snowflake, Datadog, Uber.
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that provides capital for seed, early-stage, and growth companies. They have been involved in multiple funding rounds for Pinecone.
- Investment Focus Areas: Early-stage technology companies, growth-stage technology companies.
- Notable Investments: Uber, Roku, Siri.
- Wing Venture Capital
- Details: Wing Venture Capital focuses on early-stage investments in technology companies. They were the lead investor in Pinecone's seed round.
- Investment Focus Areas: Early-stage technology companies, enterprise software, data infrastructure.
- Notable Investments: Snowflake, Cohesity, Gong.
What's Next for Pinecone?
Pinecone stands at the forefront of the AI revolution, poised to capitalize on the burgeoning $9 billion search infrastructure market and the expansive $110 billion generative AI market. With its vector database technology becoming a critical component of AI applications, the company is well-positioned to seize opportunities across various industries, from AI search to chatbots and beyond.
As Pinecone continues its rapid growth, future fundraising rounds seem likely, driven by the increasing demand for scalable and reliable AI infrastructure. However, the company will need to navigate challenges such as maintaining technological scalability, staying ahead of competitors, and ensuring data compliance. These hurdles will test Pinecone's ability to sustain its momentum in a competitive landscape.
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