Subscribe to our newsletter and stay informed

Check out our list of top companies

Check out our carefully compiled lists of the most relevant and impactful companies within their fields.

Check out our list of top unicorns

Read and learn about the biggest companies that various countries have produced, how they made it, and what the future looks like for them.
August 11, 2023

German AI Innovator deepset Elevates Enterprise Data Utilization with $30M Funding

Siemens, Airbus & Manz amongst its clients

In the dynamic landscape of AI-driven solutions, deepset, a pioneering German AI company, is rewriting the playbook on data utilization. As enterprises grapple with the immense volumes of data they accumulate, deepset is illuminating the path to harnessing and accessing this treasure trove effectively.

Deepset's remarkable journey is underscored by a profound mission—to bridge the gap between decades of cutting-edge research in machine learning and computer science and the practical applications that power modern enterprises. Through their innovative platform, they democratize the power of Large Language Models (LLMs), making them accessible to professionals beyond the confines of scientific research. With the Haystack framework and deepset Cloud, enterprises can traverse the realm of AI-driven solutions seamlessly, irrespective of their NLP or LLM expertise.

A substantial stride towards this vision has been made possible by a recent funding infusion of $30 million. This funding round, led by Balderton Capital, enlists the support of notable investors such as GV (Google Ventures) and Harpoon Ventures. The infusion of capital stands as a testament to deepset's potential to revolutionize the field of AI-driven applications. The funding will fuel the refinement of deepset Cloud for Retrieval-Augmented Generation (RAG) applications, bolstering the evaluation of individual components within a RAG pipeline. A notable focus lies on enhancing the platform's compatibility with stringent privacy requirements, optimizing it for virtual private cloud (VPC) setups. Furthermore, deepset Cloud's LLM observability is poised to receive enhancements, amplifying its functionalities.

Milos Rusic, the co-founder of deepset, encapsulates the company's mission with a vivid analogy: "In the same way you don’t need to know much about microchip architecture to write software, you don’t need to be an NLP or LLM scientific researcher to use our Haystack framework and deepset Cloud." This visionary approach exemplifies deepset's commitment to making AI a potent tool for enterprises across domains, regardless of their technical background.

James Wise, Partner at Balderton, underscores the profound impact of deepset's endeavor. The evolution of LLMs has been nothing short of revolutionary, but its potential has often remained untapped due to the absence of robust tools for practical application. With deepset Cloud and Haystack, the landscape is primed for a transformation, empowering enterprises to forge ahead with powerful AI applications that are transparent and secure.

As deepset harnesses newfound funding and continues to refine its offerings, the tech realm watches with anticipation. With every technological advancement, deepset propels enterprises toward a future brimming with data-driven possibilities, ushering in a new era of AI-powered innovation.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
Back to top

Related articles

chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram