MindsDB announced an additional $25 million financing with new lead investor Mayfield, along with participation from TQ Ventures and existing investor Benchmark Capital, bringing total seed capital raised to $41.5 million and total funds raised to $50 million.
With the increasing popularity of ChatGPT and AI generally, businesses are racing to embed AI into their operations and customer interfaces. However building AI applications can be slow and expensive without a dedicated team of AI engineers.
To address this, MindsDB equips virtually any developer to rapidly ship AI and machine learning applications – effectively transforming them into AI/ML Engineers. They can easily connect virtually any data source, from databases like Postgres, MongoDB, and Snowflake to applications like Salesforce and Gmail, with the latest AI innovations, such as OpenAI, Hugging Face or LangChain.
MindsDB’s platform, available in both open source and managed-cloud versions, brings an intelligence layer between disparate data sources and AI frameworks, using a streamlined deployment and management workflow. With MindsDB, developers can ship AI-powered applications from prototyping and experimentation to production in a stable, fast, and enterprise-ready manner.
“MindsDB is possible because of the incredible open-source community behind it, which has spent 5 years constantly testing and perfecting our technology. We are excited to be the most production-grade AI development solution in the market, accessible for companies of all sizes. So, whether your company has one or ten thousand developers needing to build and ship AI-First Applications, MindsDB is here to help” said Jorge Torres, Co-founder and CEO of MindsDB.
Building on the momentum of its open-source project, MindsDB has achieved several key milestones:
- Adding more than a hundred platform integrations, including with big tech players like OpenAI, Hugging Face, Snowflake, MongoDB, Databricks.
- Being recognized as one of Forbes’ Top AI 50 Companies and named as a Cool Vendor in Gartner’s 2022 Data-Centric AI and multiple Hype Cycle reports.
- Transforming into a mature open-source project with more than 500 code contributors, 16k+ stars from the community and more than one hundred thousands installations.
- Launching a Cloud Enterprise version, proven by tens of thousands of developers.
“Using MindsDB Cloud to bring AI to Rize has been a game-changer. When I started exploring ML, it seemed like I’d need six months of experimentation, model training and building out pipelines to productionize. said Macgill Davis, CTO of Rize (an intelligent time-tracking app maker). “By using MindsDB Cloud to train and auto-deploy models directly from my database, I saved months of work and many thousands of dollars,”
Mayfield is a storied early-stage investor with a track record of guiding companies from inception to iconic, including most recently dev-first leader HashiCorp. “I believe that the entire software stack will be rebuilt for the AI-first era, resulting in the rise of many enduring companies,” said Navin Chaddha, Mayfield Managing Director. “As the industry’s first cloud to serve AI logic, similar to BEA/Oracle in the Web 1.0 era, MindsDB is the middle-tier intelligence which enables existing developers to deliver production-ready AI applications. I look forward to partnering with Jorge, Adam and the team as they supercharge enterprise adoption of AI.”
With this $41m in funding and the support of Mayfield and existing investors like Benchmark Capital, MindsDB will continue to accelerate the expansion of its AI-Logic Cloud platform, projecting the company to become a cornerstone of the new AI-web.
MindsDB plans to use the additional capital to continue to nurture its community, expand its AI-Logic product capabilities, and support its growing base of customers, and grow into a cornerstone of the new AI-web.