Rockset Raises $44 Million in Funding to Power Search, Analytics, and AI Applications

Latest round brings total capital raised to $105 million as company gains momentum replacing Elasticsearch in modern data applications

Rockset, the search and analytics company, announced it has raised $44 million bringing the company’s total capital raised to $105 million. The round was led by Icon Ventures, with participation from new investors Glynn Capital, Four Rivers, K5 Global, and existing investors Sequoia and Greylock.

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For two years in a row, Rockset has tripled its revenue and doubled its customer base as real-time AI adoption grows at a breakneck pace. As the next-generation real-time indexing database built for the cloud, Rockset is replacing Elasticsearch especially in modern fintech, gaming, e-commerce and logistics companies for building search and AI applications such as:

• Recommendation engines to increase revenue by delivering AI-powered personalization leveraging live user behavior signals
• Chatbots to improve customer experience by incorporating contextual data in responses
• Risk analytics to enable real-time anomaly detection for fighting fraud and managing risk
• Logistics tracking to increase efficiency using real-time monitoring as assets move through the supply chain
• Real-time search and reporting to enhance end user experiences in SaaS applications

Rockset ingests streaming data and uses a highly efficient Converged Index storage format, stored on RocksDB, to deliver low latency search, filtering, aggregations and joins, simply using SQL. By extending the company’s search and analytics capabilities into vector search, Rockset now enables developers to index and update both metadata and vector embeddings in real time, a vital component to implementing semantic search, recommendation engines and Generative AI applications.

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“Enterprises are doubling down on their initiatives to bring new AI applications to production. Rockset’s integration of vector search into its search and analytics experiences enables enterprises to drive efficient AI-driven search experiences and power real-time decision-making faster with an all-in-one indexing solution,” said Preeti Rathi, General Partner at Icon Ventures. “We are delighted to partner with the Rockset team on its journey to enable the convergence of streaming data and AI.”

“We are on a mission to make it easy for customers to build fast search and AI applications at scale. With compute-compute separation, we’ve redefined the data cloud architecture for speed, efficiency and simplicity, and that, combined with advancements in AI, is creating a new wave of applications that turn data into action,” said Rockset co-founder and CEO Venkat Venkataramani. “This funding round will allow us to innovate in real-time AI and invest in more go-to-market initiatives that accelerate adoption.”

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