Financial news outlets or direct announcements from LanceDB

LanceDB Secures $11M with CRV-Led Seed Round to Enhance AI Database

May 15, 2024, 04:01 PM

LanceDB has successfully raised $11 million in funding to advance its open-source multimodal AI database. The funding includes an $8 million seed round led by CRV, with additional backing from Y Combinator, Essence Venture, and Swift Ventures. LanceDB's database, co-founded by Chang She and Lei Xu, is designed to support AI applications by enabling developers to search over billions of vectors, process petabytes of images, and train on trillions of tokens. The database is already being utilized by prominent companies such as MidJourney, Character AI, and Airtable. The new funding will allow LanceDB to expand its team and enhance its services to better serve its customers and community.