Dark
Light
Today: May 22, 2024
January 24, 2024
1 min read

Qdrant Secures $28M in Series A Funding: A Breakthrough Milestone

TLDR:

German open-source vector database Qdrant has raised $28 million in a Series A funding round led by Spark Capital. The company plans to use the funds to expand its database and improve scalability and efficiency for AI applications. Qdrant provides an open-source vector database and search engine, capable of handling billions of vectors and supporting the matching of semantically complex objects. The company also offers on-premise and hybrid SaaS solutions to meet enterprise needs in data-sensitive environments.

German open-source vector database Qdrant has secured $28 million in a Series A funding round led by Spark Capital. Existing investors Unusual Ventures and 42CAP also participated in the round. The funding will be used to accelerate the expansion of Qdrant’s database, with a focus on enhancing scalability and efficiency for artificial intelligence (AI) use cases. Qdrant offers an open-source vector database and search engine that can handle billions of vectors and supports the matching of semantically complex objects. It is implemented in Rust for performance, memory safety, and scale. The company also provides on-premise and hybrid software-as-a-service (SaaS) solutions to meet the privacy and security needs of enterprises. The latest funding will further support Qdrant in meeting diverse enterprise needs in a data-sensitive world. Qdrant is committed to ongoing development and improvement of its vector database to enable the next generation of AI and machine learning applications.

Previous Story

Aramco’s Venture Capital Soars to $75B: An Astonishing Success

Next Story

PhageLab Secures $11M to Revolutionize Medical Innovation

Latest from Blog

Go toTop