Vectara, a Palo Alto, CA-based generative AI product platform, has secured $25 million in Series A funding, bringing its total funding to $53.5 million.
The company also introduces Mockingbird, a new large language model ideal for high-accuracy tasks in the health, legal, finance, and manufacturing industries.
Investors
The round was led by FPV Ventures and Race Capital, with participation from Alumni Ventures, WVV Capital, Samsung Next, Fusion Fund, Green Sands Equity, and Mack Ventures.
FPV Ventures is a new $450M fund that backs and serves mission-driven founders. Founded in 2022, the firm focuses on investments in early-stage and growth startup companies.
Race Capital is a venture capital firm based in Palo Alto, focusing on investing in early-stage seed and pre-seed startups within the infrastructure sectors. The firm invests, builds, and partners with exceptional founders building our future.
Vectara Use of Funds
The company plans to use the funding to advance internal innovations, ramp up its go-to-market resources, and expand its offerings in Australia and the EMEA regions.
About Vectara
Vectara is an end-to-end retrieval augmented generation-as-a-service (RAGaaS) platform that empowers product builders to embed powerful generative AI features into their applications. Built on a solid hybrid search core, Vectara delivers the shortest path to an answer or action through a safe, secure, and trusted entry point. Vectara never trains on your data, allowing businesses to embed generative AI capabilities without the risk of data or privacy violations.
Funding Details
Company: Vectara, Inc.
Raised: $25.0M
Round: Series A
Funding Month: July 2024
Lead Investors: FPV Ventures, Race Capital
Additional Investors: Alumni Ventures, WVV Capital, Samsung Next, Fusion Fund, Green Sands Equity, Mack Ventures
Company Website: https://vectara.com/
Software Category: Retrieval Augmented Generation
Source: https://www.businesswire.com/news/home/20240716489550/