This Yahoo spinout uses AI to help companies store and search data instantly. Check out the 12-slide pitch deck Vespa.ai used to raise $31 million.

• Vespa.ai has secured $31 million in Series A funding from Blossom Capital.
• The Norway-based startup has created an AI-powered search engine and vector database for companies.
• Check out the 12-slide pitch deck used to secure the fresh funding.

Blossom Capital has invested $31 million in Vespa.ai, a startup that spun out of Yahoo last month.

The Norwegian startup has developed an AI-powered platform that allows businesses to access its search engine and vector database. This year, vector database startups have become extremely popular among investors due to their ability to allow customers to conduct searches across a wide range of complex and unstructured data.

According to founder and CEO Jon Bratseth, this enables them to “store, sift through, and apply unlimited quantities of data for a variety of uses.”

Examples of usage range from “sifting through billions of documents to find a financial services institution” in order to “processing hundreds of thousands of queries per second to deliver personalized content and ads for Yahoo,” he went on to say.

Many businesses struggle with having the infrastructure to store large amounts of data and access it efficiently. The startup’s cloud service and search platform can access this data in real time, providing companies with answers or decisions almost immediately after they submit a query. It also tailors any response based on the industry in which the company operates; for example, it can provide personalized content recommendations to social media platforms or enable online retailers to deliver shopping suggestions.

“We’ve been doing it for twenty years, battle-tested by Fortune 500 companies,” Bratseth said. Despite the fact that the startup has been a part of Yahoo for over two decades, it stated that the decision to spin out was supported by Yahoo, which remains a key client.

Vespa.ai generates revenue by offering its platform as an open-source tool to companies such as Spotify, Wix, and Vinted, among others. Clients can subscribe to the company’s entire suite of services, and the company is currently expanding its cloud offerings for customers.

Blossom Capital, a London-based venture capital firm that has previously backed Pigment, Moonpay, and Checkout.com, led the Series A round.

The funding will be used to expand the startup’s engineering functions as well as its cloud services.