Qdrant Secures 28m For Open Source Vector Database
Qdrant, a Berlin-based startup, has raised $28 million in Series A funding, led by Spark Capital. Founded in 2021, Qdrant offers an open source vector search engine and database essential for generative AI. This technology is vital for drawing relationships in unstructured data, which constitutes around 90% of all new enterprise data. The sector is experiencing rapid growth, with companies like Weaviate, Zilliz, Chroma, and Pinecone also securing substantial funding for similar technologies.
Qdrant’s recent development includes a novel compression technology, binary quantization (BQ), which significantly enhances indexing efficiency. BQ reduces memory consumption up to 32 times and increases retrieval speeds by about 40 times. This technology has shown promising results with AI models from OpenAI, Cohere, and Google’s Gemini. Qdrant’s expansion includes high-profile clients like Deloitte, Accenture, and Elon Musk’s xAI, suggesting wide applicability of its technology.
We are proud to share that this new X AI feature just announced by @elonmusk is powered by the Qdrant Vector Database. Congrats to the team! In Rust we Trust! 🦀✊😎 https://t.co/c6dq4njVzn
— Qdrant (@qdrant_engine) November 3, 2023
Besides the Series A funding, Qdrant announced the release of its managed “on-premise” edition and expansion onto Microsoft Azure. This move complements its existing AWS and Google Cloud Platform support, offering more hosting options for enterprises. Qdrant’s open source approach provides flexibility and control over data management, addressing concerns about vendor lock-in. The funding and technological advancements position Qdrant at the forefront of the burgeoning AI data management market.
