deepset secures $30 million in new funding round

deepset has successfully closed a financing round, led by Balderton Capital, to further expand its platform "deepset Cloud" for the development of customized AI systems based on large language models.

Berlin - deepset announces that it has successfully closed a new round of funding. In this round, deepset was able to raise a total of 30 million US dollars in fresh funds. The round was led by Balderton Capital, with existing investors such as GV (Google Ventures), Harpoon, System.One and Lunar also participating.

We are excited to welcome Balderton on our journey and we look forward to a bright future with such great partners!

Malte Pietsch, Co-founder & CTO deepset

The increasing popularity of large language models and the growing importance of vector search technologies have led to this funding success. deepset has established itself as a pioneer in the practical application of large language models in recent years and would now like to further strengthen its position with this capital injection.

"deepset Cloud" platform

The "deepset Cloud" platform from deepset represents a significant development. As the world's first model-agnostic development tool, it enables AI teams to develop customized, flexible and robust systems based on state-of-the-art language models. This platform is SOC 2 certified and guarantees users full control over their data. This enables companies to make the most of the value of large language models and thus differentiate themselves from the competition.

deepset has an impressive track record in the use of large language models. Since its inception five years ago, the company has worked closely with high-profile clients to develop customized NLP solutions for real-world use cases. With the introduction of the open source framework Haystack and the commercial platform deepset Cloud, the company has further expanded its experience and expertise.

Successful Series A last year

The financing round builds on the successes of the previous year, when deepset closed a Series A financing. These funds were used to develop deepset Cloud as a comprehensive platform for AI projects. The platform allows AI teams to focus on development while the platform takes care of the implementation details. From experimentation to production, deepset Cloud covers the entire lifecycle of modern NLP applications.

The fresh funds from the financing round will be used to optimize deepset Cloud for so-called RAG (retrieval-augmented generation) applications. In addition, the platform will be adapted for customers with strict data protection requirements in order to meet their needs. Another focus is on improving the observability of large language models in deepset Cloud's production environment.