Total amount raised
$67.7 Million
Latest funding date
4/1/2023
Location
Weaviate has successfully raised significant funding over multiple rounds, with the latest being a Series B round on April 20, 2023. The company is backed by nine investors, including New Enterprise Associates and Battery Ventures.
Weaviate's platform offers a hybrid SaaS solution for building advanced search and recommendation systems, leveraging AI and vector databases. Keep reading to explore the intricacies of Weaviate's fundraising journey and the investors backing this innovative platform.
What Is Weaviate?
Weaviate, founded on June 28, 2019, is headquartered in Amsterdam, Noord-Holland, The Netherlands. The company was established by Bob van Luijt, Etienne Dilocker, and Micha Verhagen.
Operating in industries such as AI, cloud computing, and database technology, Weaviate employs between 51-100 people. The company specializes in developing a hybrid SaaS platform for building advanced search and recommendation systems.
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 support the initial development and launch of Weaviate's AI-native vector database technology.
- 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 accelerate the growth and development of Weaviate's technology, leading to significant milestones such as surpassing 2 million open-source downloads and launching the Weaviate Cloud Service.
- 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 to meet the growing demand in the AI application development market.
Total Amount Raised: $67.7M. Current Valuation: Not publicly disclosed.
Key Investors
- Index Ventures
- Details: Index Ventures is a global venture capital firm that invests in technology and life sciences companies. They have a strong track record of supporting innovative startups and helping them scale.
- Investment Focus Areas: Technology, Life Sciences, Fintech, Enterprise Software, Consumer Internet
- Notable Investments: Dropbox, Slack, Robinhood
- Battery Ventures
- Details: Battery Ventures is a global, technology-focused investment firm. They invest in companies at all stages, from seed to growth and buyout.
- Investment Focus Areas: Technology, Software, AI
- Notable Investments: Elastic, MongoDB, Coupa Software
- New Enterprise Associates (NEA)
- Details: NEA is one of the world's largest and most active venture capital firms. They focus on helping entrepreneurs build transformational businesses across multiple sectors.
- Investment Focus Areas: Healthcare, Technology, Consumer Products, Energy, Financial Services
- Notable Investments: Uber, Coursera, Robinhood
- Zetta Venture Partners
- Details: Zetta Venture Partners is a venture capital firm that invests in AI and data-driven startups. They focus on companies that leverage machine learning and big data to create innovative solutions.
- Investment Focus Areas: Artificial Intelligence, Machine Learning, Big Data, Enterprise Software
- Notable Investments: Tractable, Domino Data Lab, InfluxData
- ING Ventures
- Details: ING Ventures is the venture capital arm of ING Group. They invest in fintech and innovative financial services companies to drive the future of banking.
- Investment Focus Areas: Fintech, AI, Innovative Financial Services
- Notable Investments: Funding Circle, Fintonic, Cobase
What's Next for Weaviate?
Weaviate stands at the cusp of significant growth, driven by the burgeoning demand for AI-native vector databases. The company is poised to capitalize on opportunities such as expanding its team, enhancing its open-source database, and promoting the Weaviate Cloud Service. These initiatives align with the increasing global spending on AI technology, projected to surpass $300 billion by 2026.
Future fundraising opportunities appear promising, given the rapid adoption of Weaviate's technology. The company may attract further investment to scale operations and develop new features, potentially leading to strategic partnerships or acquisitions. However, challenges such as staying ahead of technological advancements and managing operational growth will require careful navigation.
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