Pinecone Gets $100M to Keep Powering LLMs and AssemblyAI for Speech Recognition, Detection, and Summarization

Hello! 🙋We have the following updates for you today! 📣

• Pinecone raised $100M to Keep Powering LLMs
• AssemblyAI is an advanced AI model for speech recognition, speaker detection, summarization

Pinecone Raised $100M to Keep Powering LLMs

Pinecone is an advanced data storage and organization infrastructure startup that successfully raised $100 million in a Series B funding round led by Andreessen Horowitz and other venture capital firms, including ICONIQ Growth, Menlo Ventures, and Wing Venture Capital.

According to its blog post, the capital raised in this funding round increased Pinecone’s market value to $750 million.

Pinecone provides LLMs engineers with the necessary infrastructure to streamline data organization so that it can be efficiently searched and retrieved, making it an essential and integral part of AI infrastructures.

Pinecone’s services have become significantly more in demand due to the increasing requirement for sophisticated artificial intelligence solutions like OpenAI’s ChatGPT and GPT-4, which depend heavily on large language models (LLMs).

Pinecone’s services are trusted by thousands of engineering teams building AI applications, and some of the notable companies using its services are Shopify, Zapier, Expel, BambooHR, etc.

AssemblyAI is an Advanced AI Model for Speech Recognition, Speaker Detection, Summarization

AssemblyAI is an advanced AI model for speech recognition, speaker detection, summarization, and more. Using the latest AI research, they create production-ready AI models that can transcribe and understand speech within your products.

Its API provides advanced AI technologies, including the Conformer-1 speech recognition model trained on 650K hours of audio data for human-like performance on diverse datasets.

AssemblyAI takes advantage of cutting-edge AI technology that has been utilized in creating successful AI models like DALL-E 2, GPT-3, and Google’s LaMDA model for developing State-of-the-Art AI models specializing in transcribing, comprehending, and examining audio and video data.

According to its blog, the firm has raised $30 million in a Series B fundraising round headed by global software investor Insight Partners, bringing its total funds raised to a little over $65 million.

AssemblyAI’s API is utilized by enterprises of varying scales, ranging from thousands of startups to established Fortune 500 businesses such as Spotify, DOW JONES, The WALL STREET JOURNAL, BBC, NBCUniversal, etc., to fuel their daily operations.

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