The provision of this additional capital is a powerful endorsement of SeMI Technologies' leadership in the field of vector databases – a new type of database that is pioneering a new age of AI-powered database technologies – and the value it brings. While previous databases only stored raw data, Weaviate stores data processed by machine learning models, allowing users to better index and search their data. This investment will enable SeMI to grow its team, its user community and the number of its partners as well as its use cases; in addition, the company will be able to create and optimize new ML models and modules.
"We keep a close eye on all ML and AI advancements and have just been waiting for the right team and product to reinvent the way we approach data," said Tony Florence, Managing General Partner (Technology) at NEA The Weaviate vector database allows users to interact with unstructured data as vectors across text, audio, and images, enabling incredibly immersive use cases We're thrilled to be partnering with Bob and the team at SeMI Technologies to democratize access to new data applications – from neural or semantic search operations to vector-based recommendation services and more."
"Over the next decade, AI-driven applications will fundamentally transform every industry and aspect of our lives, creating a multi-trillion dollar market value," said Igor Taber, General Partner at Cortical Ventures potential core database technology to be the engine behind these applications." We look forward to working with Bob and the entire SeMI team. Together we will build a category-defining company.
About SeMI Technologies
Information about NEA
New Enterprise Associates, Inc. (NEA) is a global venture capital firm dedicated to helping entrepreneurs build transformative businesses across stages, sectors and geographies. With a total capital commitment of nearly $24 billion since the company's inception in 1977, NEA invests in technology and healthcare companies at all stages of their life cycle, from seed to IPO. The firm's investment track record shows over 260 IPOs of portfolio companies and over 430 mergers and acquisitions. www.nea.com
About Cortical Ventures
Cortical Ventures is a venture capital firm dedicated to helping entrepreneurs build next-generation AI companies. The company was created by Jeremy Achin, the founder of DataRobot, and Igor Taber, the former Head of Corporate Development at DataRobot and an early investor in the company while at Intel Capital. Cortical Ventures was founded to invent, nurture and fund the companies that are at the forefront of the AI revolution. The company is backed by leading venture capital firms, well-known names in the AI scene and important founders and core figures in the industry. www.cortical.vc
