Vectara Secures $28.5 Million Funding to Boost Enterprise Search Capabilities

Vectara, an AI-powered search technology platform, is set to receive $28.5m seed funding to develop enterprise search functions and help companies retrieve valuable data. Vectara’s API-based search platform, along with its conversational AI application, will enable developers to build conversational AI products quickly and effectively to locate data that matters to their business. The platform also provides client-configurable data retention features to help organisations discard original documents once inventoried, ensuring that no residual data from a company remains in Vectara. The Cupertino-based firm plans to use its seed funding to expand its engineering and go-to-market teams, focusing on European, Middle Eastern and Asia Pacific regions. The global cognitive search market is expected to reach $15.28bn by 2023, with competitors Forethought and Coveo offering rival AI-based information retrieval systems.