Total amount raised
$67.7 Millions
Latest funding date
4/1/2023
Location
Weaviate has successfully raised significant funding through multiple rounds, with the latest being a Series B round. The platform specializes in AI-native vector databases, designed to enhance search and recommendation systems.
Keep reading to explore the intricacies of Weaviate's fundraising journey and the investors backing this innovative platform.
What Is Weaviate?
Weaviate, founded in 2019, is an AI-native vector database company based in Amsterdam, Netherlands. The platform specializes in building search and recommendation systems using an open-source AI vector search engine.
The company was co-founded by Bob van Luijt, Etienne Dilocker, and Micha Verhagen. Weaviate's innovative approach has attracted a team of 51-100 employees, dedicated to advancing AI-native applications.
For more details, you can visit their official website or check out their Crunchbase profile.
How Much Funding Has Weaviate Raised?
- Seed Round
- Amount Raised: $1.2M
- Date: August 2020
- Lead Investors: Zetta Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial version of the Weaviate vector database and validate the market need for AI-native search and recommendation systems.
- Series A
- Amount Raised: $16.5M
- Date: February 2022
- Lead Investors: Cortical Ventures, New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate the development of the open-source database, aiming to meet the growing demand for AI applications.
- Series B
- Amount Raised: $50M
- Date: April 2023
- Lead Investors: Index Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the Weaviate team and accelerate the development of its open-source database and new Weaviate Cloud Service, addressing the rapidly growing AI application development market.
Total amount raised: $67.7M. Current valuation: Not publicly disclosed.
Key Investors
- Index Ventures
- Details: Index Ventures is a leading global venture capital firm that invests in technology-enabled companies. They have a strong track record of supporting innovative startups and helping them scale.
- Investment Focus Areas: Technology, life sciences, software.
- Notable Investments: Dropbox, Slack, Robinhood.
- Battery Ventures
- Details: Battery Ventures is a global, technology-focused investment firm that backs companies at all stages of growth. They are known for their deep industry expertise and hands-on approach.
- Investment Focus Areas: Software, web infrastructure, industrial technologies.
- Notable Investments: Nutanix, Coupa, Datadog.
- New Enterprise Associates (NEA)
- Details: NEA is one of the world's largest and most active venture capital firms, investing in technology and healthcare. They have a long history of supporting transformative companies.
- Investment Focus Areas: Technology, healthcare, energy.
- Notable Investments: Coursera, Duolingo, Uber.
- Cortical Ventures
- Details: Cortical Ventures focuses on early-stage investments in AI and machine learning. They aim to support the next generation of AI-driven companies.
- Investment Focus Areas: AI, machine learning.
- Notable Investments: Specific notable investments not mentioned.
- Zetta Venture Partners
- Details: Zetta Venture Partners specializes in AI and data-driven startups. They are committed to backing companies that leverage data to create significant value.
- Investment Focus Areas: AI, data-driven startups.
- Notable Investments: Tractable, Domino Data Lab, Clearbit.
What's Next for Weaviate?
Weaviate stands at the cusp of significant growth, driven by the expanding AI application development market. The company plans to leverage its recent $50 million Series B funding to expand its team and accelerate the development of its open-source database and Weaviate Cloud Service. With global spending on AI technology expected to surpass $300 billion by 2026, the opportunities for Weaviate are immense.
Future fundraising rounds seem likely as Weaviate continues to grow and innovate. The company may also explore strategic acquisitions to enhance its technology stack and market reach. However, challenges such as competition from other AI-native infrastructure providers and the need to maintain high performance and scalability will require careful navigation.
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