Spark Capital leads €28m Series A from Qdrant
Berlin — Artificial intelligence start-up Qdrant raises €28 million in its Series A financing round. The lead investor in the round was the American early-stage investor Spark Capital, accompanied by existing investors Unusual Ventures and 42CAP.
Qdrant was founded in October 2021 by Andre Zayarni and Andrey Vasnetsov in Berlin. The AI start-up is developing a high-performance, scalable, open-source vector database and search engine that is essential for developing the next generation of artificial intelligence and metric learning applications. Qdrant can process billions of vectors and supports the matching of semantically complex objects. This allows complex data such as images, audio tracks and videos to be organized.
Qdrant excels at managing and searching high-dimensional data and processing billions of vectors with unmatched efficiency and scalability. It is therefore indispensable for modern AI and machine learning applications in all industries. In the past year, Qdrant has had more than 5 million downloads and has been widely used by companies such as Deloitte, Hewlett Packard Enterprise, Bayer and many other Fortune 500 companies. Qdrant has also recently expanded its managed cloud offering through partnerships with AWS, Google Cloud and Microsoft Azure. Qdrant is committed to data protection and security, which are crucial for modern AI applications. www.qdrant.tech .
The company intends to use the newly raised capital to expand its vector database and improve scalability and efficiency for next-generation AI use cases.
Consultant 42CAP: YPOG
Dr. Frederik Gärtner (Lead, Transactions), Partner, Berlin Dr. Benedikt Flöter (AI/IP/IT), Associated Partner, Berlin Alexander Sekunde (Transactions), Senior Associate, Berlin.
Frederik Gärtner’s team has already advised 42CAP on the €2 million pre-seed financing round of Qdrant in 2022 and on the €7.5 million seed financing round in April 2023.
Advisor Qdrant Solutions GmbH: Greengate Partners
Marc René Spitz, LL.M. (Lead / Partner / Corporate) Dr. Leonie Singer, LL.M. (Associate / Corporate) Constantin Forstner (Associate / Corporate) Alexander Tribess (Partner / IT & Data Protection)
Dr. Alexander Raif (Partner / Employment Law) Paul Harloff (Associate / IT & Data Protection).
Advisor Spark Capital: Goodwin Procter
Silvio McMiken (Counsel), Tobias Schulz (Associate)
Advisor Unusual Ventures: Goodwin Procter
Sebastian Walczak (Partner), Silvia Rava (Associate)
42CAP is a pan-European investor team that invests in early-stage companies with global ambitions in the B2B technology sector. Without exception, the founders and partners are themselves former successful founders who have made companies big, in some cases over decades. Founding investors Alex Meyer and Thomas Wilke built eCircle into one of Europe’s largest SaaS companies and sold the profitable company to Teradata (NYSE:TDC) in 2012. Moritz Zimmermann made the software company Hybris big before it was absorbed into SAP. Under the “Credo Peers among Entrepreneurs”, they support industry and product-oriented founders, extremely data-driven business models and sustainable corporate development. This background is appreciated by founding personalities such as Nicolas Reboud (SHINE, Paris), Kristjan Vilosius (Katana, Tallinn) and Alexander Igelsböck (Adverity, Vienna).
Spark Capital is a venture capital firm in the United States that provides early-stage financing to start-ups in the consumer, retail, FinTech, software, frontier markets and media sectors. It has offices in San Francisco, Boston and New York City. www.sparkcapital.com
About GreenGate Partners
With its corporate team, GreenGate Partners specializes in particular in the areas of M&A and venture capital. GreenGate Partners’ legal expertise in the venture capital sector ranges from the foundation to the various financing rounds to the exit. GreenGate Partners regularly sets standards in the German market and offers comprehensive advisory services for domestic and foreign venture capital funds, strategic investors, business angels as well as founders, start-ups and managers.
YPOG is a specialist tax and commercial law firm operating in the core areas of Funds, Tax, Banking & Finance and Transactions. The YPOG team advises a wide variety of clients. These include emerging technology companies and family-run medium-sized enterprises as well as corporations and private equity/venture capital funds. YPOG is one of the leading addresses for venture capital, private equity and fund structuring in Germany. www.ypog.law