For Its Neural Search Platform, Jina AI, Raises $30 M in Series A Funding
An open-source startup, Jina.ai, raises $30 million in Series A funding for its neural search platform to help users find information.
Jina.ai is a Berlin-based startup. It is an open-source startup that uses neural search to assist its users in finding information from their data. The data can be unstructured and scattered. The startup has raised $30 million in Series A led by Canaan Partners.
Moreover, in the latest Series A, Mango capital also participated as a new investor. As well, the existing investors of Jina.ai, GGV capital, SAP.iO, and Yunqi Partners also joined in the funding round.
The company was founded in 2020. The company was led by GGV Capital along with $7.5 million capital in beginning. Soon, it was also one of the most promising open-source AI platforms. With the current financing, the overall funding of the company has reached approximately $39 Million.
Till now, most companies and individuals rely on ordinary keyword-based search tools. Jina.ai uses deep learning neural networks to enhance the search tools and go beyond the traditional approaches. It uses new machine learning technologies which include transfer learning and representation learning to enable developers to quickly build search tools for specific use cases.
The whole working of its algorithms relies on mathematical computations. Even if the input is a video, audio, or picture the deep learning algorithms translate the input into universal mathematical vectors. Afterward, the matching algorithms just count the vector distance between two vectors.
The core motto of the company is to empower businesses and developers to build neural search-powered applications within minutes. It is important to note that Jina is only one of the products that the company is offering. Other products include FineTuner and Jina Hub.
“The reasons we are doing open source is mostly because of the velocity of open source — and I believe the velocity of the development is a key factor for the success of a software project. A lot of software just dies because this velocity goes to zero,” Xiao said
The neural search platform, Jina.ai, has almost 1000 users and around 200 external contributors. With the new funding, Jina.ai plans to increase the size of its team and expand its operations in North America. Moreover, the funds will also be used in expanding the research and development.
The role of artificial intelligence, machine learning, and their subdomains is increasing every day. Deep learning neural networks are very useful when it comes to automating processes and injecting efficiency as well as artificial intelligence.
News Credits: TechCrunch