deepset secures $30 million in new funding round

deepset has successfully closed a funding round, led by Balderton Capital, to further expand its "deepset Cloud" platform for developing customized AI systems based on large-scale language models.

Berlin, Germany - deepset announced that it has successfully closed a new round of funding. In this round, deepset raised a total of $30 million in fresh funding. The round was led by Balderton Capital, and existing investors such as GV (Google Ventures), Harpoon, System.One and Lunar also participated.

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-scale language models as well as 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-scale language models over the past years and now wants to further strengthen its position with this capital injection.

deepset Cloud" platform

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

deepset has a considerable track record in the application of large-scale language models. Since its founding five years ago, the company has worked closely with well-known customers to develop customized NLP solutions for real-world use cases. The company has further expanded its experience and expertise with the introduction of the open source Haystack framework and the commercial deepset Cloud platform.

Already successful Series A last year

The funding round builds on last year's successes, 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 handles implementation details. From experiments to production, deepset Cloud covers the entire lifecycle of modern NLP applications.

The fresh funds from the funding 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 to meet their needs. Another focus is on improving the observability of large speech models in the deepset Cloud production environment.