Andreessen-Backed AI Startup Pinecone Valued at $750 Million
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Pinecone Systems Inc., a startup whose platform supports artificial intelligence software, has raised $100 million in a funding round that values the company at $750 million.The round was led by Andreessen Horowitz, with participation from Iconiq and existing investors Menlo Ventures and Wing Venture Capital, according to a statement Thursday. The firm intends to use the capital for research and development, hiring drive and scaling up the business, Chief Executive Officer Edo Liberty said in an interview. The New York-based company was last valued at $168 million after raising $28 million in a Series A round led by Menlo Ventures in February 2022, according to data provider PitchBook. Since then, interest in AI has skyrocketed as chatbots such as ChatGPT have attracted wider att...