Announcing Our $100M Series B Funding to Build Long-Term Memory for AIApr 26, 2023 - in Company
Dear Pinecone Community,
I am thrilled to share some exciting news with you all. We raised $100 million in Series B funding, led by Andreessen Horowitz, with participation from ICONIQ Growth, and our existing investors Menlo Ventures and Wing Venture Capital. This funding brings our valuation to $750 million, hitting another milestone in our journey to revolutionize how AI applications are built.
It has been an incredible ride for Pinecone since we introduced the vector database in 2021. Our innovative technology and rapid growth have disrupted the $9 billion search infrastructure market and made us a critical component of the fast-growing $110 billion Generative AI market. Pinecone’s vector database enables engineers to work with data generated and consumed by Large Language Models (LLMs) and other AI models, making it an essential infrastructure technology for building scalable, reliable, and accurate AI products.
The rise of generative AI propelled Pinecone to become an integral part of the software stack for AI applications. In Q1 2023, we experienced explosive growth in AI developers and innovators building amazing applications on Pinecone’s free plan. We also saw a massive increase in paying customers across all industries and sizes, including leading companies like Shopify, Gong, HubSpot, and Zapier. Our success is a testament to the growing demand for AI infrastructure and our ability to provide scalable solutions to the most pressing challenges in the field.
We are immensely proud to have Andreessen Horowitz lead this funding round and to have the continued support of our existing investors. 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.
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.
I want to express my deepest gratitude to our incredible team of deeply committed superstars, to our loyal and brilliant customers, to our steadfast partners, and to our phenomenal investors for their unwavering support. Thank you for your work, dedication, and belief in Pinecone’s mission. We have come a long way together but we are just getting started…
As we look to the future, we are filled with optimism and confidence. Pinecone is at the forefront of the AI revolution, and we are committed to empowering developers with the tools they need to build groundbreaking AI applications that will transform industries and improve lives.