Melbourne-based start-up Marqo has secured millions of dollars in funding as it taps into the booming field of artificial intelligence (AI). The company is positioning itself as a provider of essential tools for the AI gold rush, offering search-and-retrieval technology that enhances the accuracy of AI chatbots.
Marqo’s vector search engine is being utilized by developers to assist large language models like ChatGPT and Google’s Gemini in retrieving up-to-date knowledge and information. While language models possess vast amounts of knowledge, they become outdated as they are not continuously updated. With vector search, however, these language models can access current and relevant information.
Unlike traditional search technologies that rely on keywords, vector search utilizes mathematical calculations to compare the features of different items, such as documents, images, and other unstructured data. By representing the data as encoded numbers with distinct characteristics, relevant information can be found within large datasets.
Marqo offers an open-source product targeting developers, as well as a paid enterprise product called Marqo Cloud. The start-up, founded in 2022 by CEO Tom Hamer while he was living in London, has experienced significant interest from the local developer and scientist community who are eager to contribute to cutting-edge AI advancements.
Although the company has not disclosed its current valuation, Hamer and Marqo’s Chief Technology Officer, James Clark, revealed that it is significantly higher than its previous valuation. As part of its plans for expansion, Marqo will relocate its headquarters to San Francisco, California, in order to be closer to the AI community, which has shown substantial interest in the start-up’s offerings.
Marqo’s success highlights the growing demand for innovative AI tools and technologies. By providing search-and-retrieval capabilities that enhance the accuracy of AI chatbots, the start-up is helping to bridge the gap between powerful language models and real-time knowledge and information. As Marqo continues to develop and implement cutting-edge AI solutions, it is expected to make a significant impact on the industry, attracting top talent and driving further advancements in the field.
