Qdrant Raises $28M in Series A Funding for Open-Source Vector Database

Berlin-based startup Qdrant has secured $28 million in a Series A funding round led by Spark Capital. Qdrant provides an open-source vector search engine and database, targeting developers in the AI space. The company aims to capitalize on the growing demand for vector databases, especially in the realm of generative AI. Qdrant's previous funding round raised $7.5 million, and the new investment will be used to expand its business team and scale the company. Qdrant has also introduced binary quantization technology, which offers more efficient compression and faster retrieval speeds.