Pinecone Raised $100M, Stack Identity Secured $4M, and More SF Tech News

Catch up on the latest developments from the Bay Area tech sector.

Written by Ashley Bowden
Published on May. 01, 2023
Pinecone Raised $100M, Stack Identity Secured $4M, and More SF Tech News
Members of the Stack Identity team pose for a group selfie outdoors.
Photo: Stack Identity

Several capital raises for Bay Area tech companies poured in last week, and now innovators across artificial intelligence, greentech and more are outfitted with fresh funding for their tech. Find out what’s in the works with the Built In SF Weekly Refresh.

Pinecone raised $100M. Operating in the fast-growing AI space, Pinecone provides long-term memory for large language models. Its solution enables companies to connect chatbots with their own data to provide answers based on that information. The vector database company announced a round of Series B funding from lead investor Andreessen Horowitz, bringing its valuation to $750 million. [VentureBeat] pulled in $85M. Formerly known as Snapcommerce, works to help consumers spend less money and simultaneously build credit through its mobile app. The company plans to fuel its next stage of growth with a $60 million equity raise and a $25 million credit facility. will invest in product and engineering to develop new product features. [TechCrunch]

SF Tech Quote of the Week

“At SPAN, we are focused on empowering homeowners to become part of the climate solution by offering technology and customer experience that significantly simplifies the adoption of a cleaner, all-electric lifestyle. ... SPAN is positioned to be the conduit between electrified homes and the grid that we need in order to achieve our electrification goals and ensure a clean, reliable grid.” — Arch Rao, founder and CEO of SPAN

SPAN got $96M. Backed by Series B2 funding from lead investor Wellington Management, SPAN plans to fuel growth within the home electrification space. The company develops products that aim to make adopting clean energy solutions, like solar panels and electric vehicles, easier. Its new capital will go toward R&D and expanding its partnership reach into new industries. [Business Wire]

Replit secured $97.4M. Generative AI company Replit pulled in a hefty injection of capital for its software development solution and is now a tech unicorn valued at $1.16 billion. Replit enables more than 22 million developers to quickly set up any development environment and release live apps on any device. Its new cash from Andreessen Horowitz and others will help enhance Replit’s core development experience, expand its cloud services for developers and fuel further AI innovation using Ghostwriter, a generative AI tool. [PR Newswire]

Yahoo acquired Wagr. Sunnyvale-based Yahoo announced its acquisition of Tennessee-based sports betting app Wagr. Serving a vast base of fantasy sports fans, Yahoo plans to enhance its offering with the integration of new capabilities. The acquisition will let Yahoo enable wagers between friends and acquaintances on its platform. [Front Office Sports]

In more VC funding news: San Jose-based launched from stealth with $6 million in seed funding from The Hive and WestWave Capital to fuel customer acquisition for its remote worker onboarding solution. [Business Wire]

Stack Identity, an identity and access management governance platform, secured $4 million from WestWave Capital and Benhamou Global Ventures to support product development and go-to-market plans following its launch from stealth. [Business Wire]

Hiring Now
Citadel Securities
Fintech • Information Technology • Software • Financial Services