Despite competition from established platforms like Azure, AWS, and Google Cloud, Hyperspace has gained early customer traction, securing deals with enterprises in fraud prevention and e-commerce, and tripling its annual recurring revenue and total contract volume over the last year. The company recently raised $9.5 million in seed funding and plans to use the funds to scale up its database offering and launch a free, entry-level plan.
Key takeaways:
- Hyperspace, co-founded by Ohad Levi, is using "domain-specific computing" to accelerate lexical and vector database searches, which are crucial for AI applications.
- The company's instances, which use a combination of FPGAs and GPUs, can reportedly deliver up to 10 times faster searches than traditional databases.
- Hyperspace offers a cloud-native managed database as a software-as-a-service model, handling various types of structured and unstructured data, and is priced according to size and query volume.
- The company recently closed a $9.5 million seed funding round and plans to use the funds to scale up its database offering and launch a free, entry-level plan.