Neural search company Jina AI announced $30 million in series A financing this month. Founded in 2020, the Berlin-based company has now raised a total of $39 million. The latest funding round was led by Westport, Conn.-based venture capital firm Canaan Partners.
The idea behind “neural search” is to enable businesses to build search solutions that generate insights from unstructured data that lead to more effective business decisions. Jina AI’s core project, Jina, is an open-source program being built on GitHub which users can utilize to create their own cloud-native neural search solution. Jina AI said this can be done in a matter of hours and matches businesses’ need for a lightweight development cycle.
“Traditional search systems built for textual data don’t work in a world brimming with images, video and other multimedia. Jina AI is moving companies from black and white into color, unlocking unstructured data in a way that’s fast, scalable, and data-agnostic,” said Joydeep Bhattacharyya, general partner with investor Canaan Partners. “The early applications of its open-source framework already show glimmers of the future, with neural search underpinning opportunities to improve decision-making, refine operations and even create new revenue streams.”
Jina AI has a community of more than 1,000 developers, and said their widespread adoption of its framework has led to the enabling of neural search applications for use cases ranging from gaming, e-commerce and chatbots, for example. These capabilities bring enable businesses to see their surroundings in new ways, said Jina AI founder and CEO Dr. Han Xiao.
“In just a few years, neural search will become such a fundamental technology that all software will require it,” said Xiao in a press statement. “It will be as common as the ‘find and replace’ feature in today’s software. We’re helping developers and businesses to get ready ahead of the curve. The most exciting part of neural search is that it creates new ways to comprehend the world, and opens doors to new businesses.”
With its funding, Jina AI company officials said they will conduct research and development on new product categories, build on its existing neural search ecosystem and invest in optimal customer experience for users. The company also plans to double its team by the end of next year.