Amsterdam-based SeMI Technologies, a developer of the open-source search engine and database Weaviate, announced on Tuesday that it has raised $16M (approx €14.1M) in its Series A round of funding. The funding round was co-led by New Enterprise Associates (NEA) and Cortical Ventures.
This round follows a previously unannounced $1.6M Seed funding led by Zetta Venture Partners, with participation from ING Ventures, in August 2020.
The Dutch startup’s open-source search engine and database, Weaviate, is based on machine learning (ML) algorithms. The software can come up with smarter suggestions by connecting between texts, images, videos, and audio.
According to the company’s statement, previous databases just stored raw data while Weaviate stores data that is processed by machine learning models, allowing users to better index and search through their data.