Vespa.ai Raises $31 Million Series A Investment from Blossom Capital
Vespa.ai, a leading AI-based search platform and scaling engine, announced it had raised $31 million in Series A funding from Blossom Capital to advance the development of its search platform Vespa and Vespa Cloud service.
Blossom Capital is a venture capital investment firm based out of London, United Kingdom. The fund is renowned for investing in early-stage and seed-stage companies and is actively pursuing investment in information technology in the United States and Europe.
Last month Vespa.ai spun out of Yahoo as a standalone company after many years of driving AI innovation and growth for the internet giant. Vespa helps clients, including several Fortune 500 companies, to apply AI to store, search, and apply unlimited qualities of data to derive actionable intelligence and insights in real time.
The investment by Blossom Capital will help take Vespa to the next level. One of the key challenges in Enterprise AI is scaling, and Vespa can help address this issue through its cutting-edge technology.
The new funding will speed up the development of features that will make it easier for developers to create new applications and integrate AI models with property data sets. According to Ophelia Brown, Founder of Blossom Capital, Vespa is “It’s light-years ahead of anything else on the market, and Blossom is thrilled to help them take things to the next level.
With more than ten million downloads on Docker Hub, Vesa is the trusted choice of enterprises globally. The ability of Vespa to scan billions of documents in real time offers a wide range of applications. It can help global social media platforms with better content suggestions to keep users engaged, help clients ensure compliance, and enhance ad relevance at checkout for online retailers. The open-source architecture is an added advantage.
“As companies around the world race to adopt and adapt to AI, they face significant technical and financial burdens. Vespa’s unprecedented capabilities and functionalities, built on two decades of use and development, allow organizations of all sizes to realize their AI ambitions at scale while dramatically limiting cost and processing times and improving user experience,” said Jon Bratseth, CEO of Vespa.ai. “The investment from Blossom will allow us to further increase functionality and provide our end-to-end services to a larger number of enterprise clients.”
As AI applications increase the number of customers and amount of data, there are going to be increased operational challenges including scaling issues. Vesta can help solve these challenges by providing the functionality and capacity to scale any amount of load, data, or complexity. It can also provide excellent search results with sophisticated scoring and relevance.
The integrated approach for applying AI to data during serving time and using vectors, text, structured data, and tensors, allows Vespa to deliver high-quality solutions to diverse use cases. This includes everything from recommendation and ad targeting to search and retrieval-augmented generation (RAG). All the end-to-end needs of the applications can be handled by Vespa including scaling any amount of data.