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Weaviate.io, a developer of the AI-native Weaviate vector database, announced a $50M round of funding to expand the Weaviate team and accelerate the development of its popular open source database and new Weaviate Cloud Service. This capital will be used to satisfy the rapidly growing AI application development market, which is expected to reach $154 billion in 2023 and surpass $300 billion in 2026. Weaviate’s vector database simplifies vector data management for AI developers and is used to create a new wave of applications ranging from custom-made search and recommendation systems to ChatGPT plugins.