Jina AI is a tech startup that offers artificial intelligence (AI) software to improve business owners’ search functions. The company recently raised a new Series A funding round to further improve its tech product, expand business operations, and hire new employees.
Jina AI’s Software and Early Adoption by Developers
Tech startup Jina AI leverages its AI software to create neural searches. Neural searches use every aspect of a search system to find more relevant answers and information. The company allows business owners to use the software to search for items that utilize text as well as images, videos, or audio.
The addition of this type of media into a search function can serve several different business functions, both internally and commercially. For business owners who are in the software or gaming fields, the startup company’s software can expedite the time it takes to find relevant code sequences and specific programs. Jina AI can also match searched clothing or product images to items sold in its stores, which helps retail company owners. Additionally, the tech startup’s software can easily be integrated into neural searches with a company’s already existing software.
Jina AI has already experienced significant business growth as more companies and developers continue to adopt the software. The tech startup now has a community of over 1,000 developers who use the software within different industries, such as gaming, retail, real estate, and insurance, among others.
Furthermore, since the launch of its open-source framework in 2020, Jina AI has seen more than 200 external contributors join to improve the software. The company has also grown its business across Europe, with its current headquarters in Berlin, Germany.
The wide-ranging business applications of Jina AI’s software have generated interest from investors who project further growth from the startup.
Jina AI’s Funding Round and Plans for Future Growth
In its Series A funding, Jina AI raised $30 million in capital. The funding round was led by Canaan Partners with participation from Yunqi Partners, Mango Capital, GGV Capital, and SAP.io. In total, the company has now raised $39 million.
Jina AI plans on using the new funding to invest heavily in research and development, focusing on creating new product categories and improving the user experience. The tech startup also plans to begin expanding its business to North America by doubling its workforce by 2022. A large chunk of the new employees will work remotely to build out a more global workforce. Other plans for the company include to grow its customer base through marketing and commercial application use-cases.
When commenting on the effectiveness of Jina AI’s software, General Partner at Canaan Partners, Joydeep Bhattacharya, said, “Traditional search systems built for textual data don't work in a world brimming with images, video, and other multimedia. Jina AI is moving companies from black and white into color, unlocking unstructured data in a way that's fast, scalable, and data-agnostic. The early applications of its open-source framework already show glimmers of the future, with neural search underpinning opportunities to improve decision-making, refine operations and even create new revenue streams.”
Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.