Vector Database Firm Zilliz Closes $60M Series B+ Funding Round
Zilliz, a vector database company, announced on August 25 its completion of a B+ round of financing totaling $60 million, increasing its overall round-B funds $103 million. The financing was led by Prosperity7 Ventures, a fund owned by Aramco Ventures. Temasek’s Pavilion Capital, Hillhouse Capital, 5Y Capital and Yunqi Capital continued to invest in this round, while InvesTarget acted as the exclusive financial adviser.
Zilliz was founded in 2017 by former Oracle engineer Charles Xie. The company is dedicated to the R&D of vector databases for AI production systems.
Modern AI algorithms use feature vectors to represent the in-depth semantics of unstructured data, generating massive amounts of vector data. It requires a more segmented and specialized data infrastructure to efficiently process such data and facilitate further large-scale AI applications. Zilliz has invented the industry-leading cloud-native vector database technology with millisecond processing capabilities for billion-scale vector data.
Milvus, a vector database product developed by Zilliz, has been downloaded more than one million times. It has also accumulated thousands of enterprise users and is now the world’s most popular open source vector database. Charles Xie said previously, “In the next phase, Zilliz will continue to add to the Milvus open source community as a major contributor and maintainer of the project, and will accelerate the development of a fully hosted public cloud-based vector database service to provide enterprise users with a more secure, reliable, easy-to-use and low-cost cloud database solution.”
Zilliz Cloud is a fully managed database as a service (DBaaS) based on the public cloud. It is designed to provide a one-stop solution for vector data processing, unstructured data analysis and enterprise AI application development. Based on feedback from beta users, the Zilliz team will further improve and polish the vector database cloud service and open it to all users at an early date.
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Today, Zilliz’s technologies and products are used by more than 1,000 companies worldwide in areas such as computer vision, image retrieval, video analysis, natural language processing, recommendation systems, targeted advertising, personalized search, intelligent customer service, fraud detection, cybersecurity, and new drug discovery.