Weaviate.io, an Amsterdam, Netherlands-based developer of the AI-native Weaviate vector database, announced that it raised $50 million in Series B funding.
The round was led by Index Ventures, with participation from Battery Ventures. Weaviate's existing investors, including NEA, Cortical Ventures, Zetta Venture Partners, and ING Ventures also joined this round.
The capital will be used to expand the Weaviate team and accelerate the development of its popular open-source database and new Weaviate Cloud Service to satisfy the rapidly growing AI application development market.
"The Weaviate vector database is used as core infrastructure in the emerging AI-native ecosystem," said Weaviate CEO and co-founder, Bob van Luijt "It allows users, from startups to enterprises, to create a new wave of applications ranging from custom-made search and recommendation systems to ChatGPT plugins."
Since raising its series A funding in early 2022, Weaviate has seen open source downloads pass the 2 million mark and has also launched a new Weaviate Cloud Service, which gives developers the full power of the Weaviate database without any of the operational overhead.
Company: Weaviate, B.V.
Raised: $50.0M
Round: Series B
Funding Month: April 2023
Lead Investors: Index Ventures
Additional Investors: Battery Ventures, NEA, Cortical Ventures, Zetta Venture Partners, and ING Ventures
Company Website: https://weaviate.io/
Software Category: AI-native Vector Database
About the Company: Founded in 2019, Weaviate is the developer of the popular Weaviate open-source vector database. Weaviate is a cloud-native, real-time vector database that allows you to bring your machine-learning models to scale. There are extensions for specific use cases, such as semantic search, plugins to integrate Weaviate in any application of your choice, and a console to visualize your data. AI innovation is fueled by machine learning-generated embedding vector data, which makes the Weaviate vector database an essential part of the AI-native infrastructure.
Source: https://www.prnewswire.com/news-releases/weaviate-raises-50-million-series-b-funding-to-meet-soaring-demand-for-ai-native-vector-database-technology-301803296.html