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- Pinecone
Pinecone Valuation, Funding & Investors
Pinecone is valued at $750M as of April 2023.
Last Pinecone valuation
$750M
Series B · Apr 2023
Last Pinecone funding round
$100M
Series B · Apr 2023
Cumulative funding Pinecone raised
$138M
across 3 funding rounds
Key investors in Pinecone
Wing Venture Capital
Menlo Ventures
Andreessen Horowitz
Tiger Global
ICONIQ Capital
About Pinecone
Pinecone is a New York-based provider of a fully managed vector database used by developers to build AI applications requiring vector search, semantic search, and recommendation systems. Founded in 2019, the company offers usage-based pricing across Free, Standard, and Enterprise plans, and its infrastructure provides long-term memory for large language models and generative AI applications. Pinecone's customers include Shopify, Gong, Zapier, Workday, BambooHR, and HubSpot.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based, Subscription
Valuation
$750M (Apr 2023)
Pinecone Valuation
Pinecone is currently valued at $750M, based on its Series B in April 2023.
The $100M round was led by Andreessen Horowitz, with participation from ICONIQ Capital, Menlo Ventures and Wing Venture Capital.
Pinecone's valuation has grown 4.5x from $168M at its Series A in March 2022 to $750M in April 2023, across 2 priced rounds.
Pinecone valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2023 | Series B | $750M |
| Mar 2022 | Series A | $168M |
Pinecone Funding History
Pinecone has raised a total of $138M across 3 funding rounds.
Pinecone's first fundraising round was a $10M seed round in January 2021. The most recent completed round was a $100M Series B in April 2023.
Pinecone funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2023 | Series B | Andreessen Horowitz (lead); ICONIQ Capital; Menlo Ventures; Wing Venture Capital | $100M | $750M | Pinecone is a fully-managed vector database provider enabling developers to build AI applications requiring vector search, recommendation systems, and semantic search capabilities. It offers usage-based pricing with Free, Standard, and Enterprise plans, the latter at $104 per month including premium features like multiple availability zones and SSO. Customers include Shopify, Gong, Zapier, Workday, BambooHR, and HubSpot. In February 2023, Pinecone reported thousands of developers on its free plan and over 200 paying customers for large-scale AI apps, reaching millions of dollars in annual recurring revenue. By April 2023, it scaled to 1,500 customers. On April 27, 2023, Pinecone raised $100 million in a Series B round led by Andreessen Horowitz, with participation from ICONIQ Growth, Menlo Ventures, and Wing Venture Capital, achieving a $750 million post-money valuation. This brought total funding to $138 million, following a $28 million Series A in 2022 at $168 million valuation and a $10 million seed in 2021. The round reflects strong demand for vector databases amid the AI boom, positioning Pinecone as a leader despite a tight capital environment. CEO Edo Liberty highlighted rapid growth akin to consumer adoption in B2B deep tech. Proceeds will fund R&D, hiring to expand from 100 to 150-200 employees, and business scaling. Investors like Peter Levine of a16z view Pinecone as a fundamental AI data stack component. An unverified estimate pegged May 2023 annual revenue at $7.1 million, implying a 21x multiple on $7M ARR versus public comps like MongoDB at 13.9x. Competitors include Qdrant, Zilliz, Chroma, DataStax, and Vectara, with the vector database space heating up post-ChatGPT hype. |
| Mar 2022 | Series A | Menlo Ventures (lead); Tiger Global; Wing Venture Capital | $28M | $168M | Pinecone is a New York-based AI infrastructure startup founded in 2019, specializing in vector databases that provide long-term memory for large language models and AI applications, enabling scalable semantic search and data handling for generative AI products. The company disrupted the search infrastructure market and became essential for AI developers building chatbots, agents, and other tools, with customers including Shopify, Gong, HubSpot, and Zapier. This followed a $10 million seed round in January 2021 led by Wing Venture Capital. Menlo Ventures had earlier led a $17 million round at $170 million post-money in December 2021, highlighting early confidence in vector embeddings before widespread generative AI hype. The round supported product development amid rising AI interest, positioning Pinecone in the $9 billion search infrastructure and $110 billion generative AI markets. By April 2023, Pinecone raised a $100 million Series B led by Andreessen Horowitz with ICONIQ Growth and existing investors Menlo Ventures and Wing Venture Capital, jumping to a $750 million valuation amid explosive growth post-ChatGPT. This demonstrated rapid valuation increase from $168 million in 14 months, with funds allocated to R&D, hiring, and scaling in the booming AI ecosystem. |
| Jan 2021 | Seed | Wing Venture Capital (lead) | $10M | - | Pinecone, a vector database company founded in 2019, raised a $10 million seed round on January 27, 2021, led by Wing Venture Capital. The funding supported the development of its vector database, launched in 2021 for machine learning and AI applications, enabling scalable storage and search of vector embeddings for AI models. Pinecone provides long-term memory infrastructure critical for generative AI systems like large language models. Subsequent rounds included a $28 million Series A on March 29, 2022, and a $100 million Series B on April 27, 2023, led by Andreessen Horowitz with participation from ICONIQ Growth, Menlo Ventures, and Wing Venture Capital, valuing the company at $750 million post-money. Total funding reached $138 million across these rounds. By 2023, Pinecone reported over 100,000 free users and more than 4,000 paying customers, reflecting strong adoption in the generative AI market. |
Who has invested in Pinecone?
5 investors have backed Pinecone across its funding rounds, including Wing Venture Capital, Menlo Ventures, Andreessen Horowitz, Tiger Global and ICONIQ Capital.
Lead investors include Andreessen Horowitz, Menlo Ventures and Wing Venture Capital.
Pinecone Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Jan 2021 | ||
| 2 | Lead | Mar 2022 | ||
| 1 | Participant | Apr 2023 | ||
This data is available for Pro users. Sign up to see all 5 Pinecone investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialPinecone Competitors
Pinecone competitors include listed companies like TRS Information Technology and Airship AI, and private ones like Exodigo, Pliops, Labelbox and Reducto.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $25M | - | $700M | 28.0x | ||
| Private | - | - | $650M | - | ||
| Private | $33M | - | $900M | 27.3x | ||
| Private | - | - | $605M | - | ||
| Publicly listed | $76M | ($20M) | $1.7B | 20.1x | ||
| Publicly listed | $15M | ($5M) | $66M | 3.6x |
Pinecone Public Comps
Pinecone is still privately-owned, but its public comps include Reconova Technologies, e-Hualu, PKSHA Technology, Beijing CTJ Info Tech, ExaWizards, Rezolve AI, Rackspace, Appier Group, Beijing Hanyi Innovation and Ropeok Technology Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $66M | ($8M) | 10.2x | - | (84.3x) | - | |||
| $69M | ($310M) | 24.2x | - | (5.4x) | - | |||
| $139M | $47M | 4.1x | 2.4x | 12.1x | 10.6x | |||
| $123M | $13M | 5.3x | 4.9x | 51.3x | 34.5x | |||
| $77M | $13M | 7.0x | 6.0x | 41.3x | - | |||
| $47M | ($109M) | 23.2x | 4.0x | (10.0x) | (19.2x) | |||
| $2.7B | $244M | 1.5x | 1.6x | 17.0x | 14.9x | |||
| $279M | $44M | 3.4x | 2.8x | 21.4x | 15.6x | |||
This data is available for Pro users. Sign up to see all Pinecone competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Pinecone
| When was Pinecone founded? | Pinecone was founded in 2019. |
| Where is Pinecone headquartered? | Pinecone is headquartered in United States. |
| Is Pinecone publicly listed? | No, Pinecone is a private, VC-backed company. |
| What is Pinecone's valuation? | Pinecone was last valued at $750M in its Series B in April 2023. |
| How much funding has Pinecone raised? | Pinecone has raised $138M across 3 funding rounds. |
| What was Pinecone's last funding round? | Pinecone's last funding round was a $100M Series B in April 2023, led by Andreessen Horowitz. |
| Who are Pinecone's investors? | Pinecone's investors include Wing Venture Capital, Menlo Ventures, ICONIQ Capital, Andreessen Horowitz and Tiger Global. |
| Which companies are comparable to Pinecone? | Companies comparable to Pinecone include Exodigo, Pliops, Labelbox, Reducto, TRS Information Technology and Airship AI. |
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