Index Ventures led a $50M Series B round into AI-native vector database developer Weaviate.
The firm secured a $200M valuation, fourfold higher than its previous
valuation. The firm could have fetched a higher valuation considering
the hype around the AI sector but left room to grow its valuation in
subsequent rounds, per The Information.
- CEO
and co-founder Bob van Luijt recognized the risks associated with
raising capital at exorbitant valuations, which has caused numerous
businesses to struggle to attract capital in succeeding rounds or raise
down rounds with steep valuation cuts.
- "One school of thought
is 'Raise as much as you can,' and the other is 'Raise what you need to
build the business.' I am very much in the latter camp," he added.
- The Dutch firm has raised $67.7M
in total funding to date, the last of which came through a $16.5M
Series A round in Feb. 2022 led by Cortical Ventures and New Enterprise
Associates.
