Rockset, a San Mateo, CA-based search and analytics company, raised $44M in funding.
The round, which brought the total amount to $105M, was led by Icon Ventures, with participation from new investors Glynn Capital, Four Rivers, K5 Global, and existing investors Sequoia and Greylock.
The company intends to use the funds to innovate in real-time AI and invest in more go-to-market initiatives that accelerate adoption.
Led by CEO Venkat Venkataramani, Rockset provides a search and analytics database. It is replacing Elasticsearch especially in modern fintech, gaming, e-commerce and logistics companies for building search and AI applications such as:
- Recommendation engines to increase revenue by delivering AI-powered personalization leveraging live user behavior signals
- Chatbots to improve customer experience by incorporating contextual data in responses
- Risk analytics to enable real-time anomaly detection for fighting fraud and managing risk
- Logistics tracking to increase efficiency using real-time monitoring as assets move through the supply chain
- Real-time search and reporting to enhance end user experiences in SaaS applications
Rockset ingests streaming data and uses a highly efficient Converged Index storage format, stored on RocksDB, to deliver low latency search, filtering, aggregations and joins, using SQL. By extending the company’s search and analytics capabilities into vector search, Rockset now enables developers to index and update both metadata and vector embeddings in real time, a vital component to implementing semantic search, recommendation engines and Generative AI applications.
FinSMEs
29/08/2023