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FalkorDB, a Startup by Redis Veterans, Raises $3 Million to Enhance Language Models

06-19-2024 04:20 PM CET | IT, New Media & Software

Press release from: FalkorDB

Knowledge Graph, GraphRAG, LLM

Knowledge Graph, GraphRAG, LLM

FalkorDB, a startup developing technology to enhance language models, has completed a $3 million seed funding round. The round was led by Angular Ventures, with participation from K5 Tokyo Black, and private investors including Aryeh Mergi, co-founder of M-Systems, XtreamIO, Jerry Dischler, President of Cloud Applications at Google and Eldad Farkash and Saar Bitner, founders of Firebolt.
Currently participating in the ninth Cohort of the Intel Ignite accelerator program for deep tech startups, FalkorDB provides GraphRAG technology to enhance the performance of large language models by integrating external knowledge sources in the form of a Knowledge Graph. This allows the model to retrieve relevant information before generating a response, improving its ability to provide accurate and context-aware answers. The combination of large language models with networked information bridges the gap between the generative language capabilities of the models and the structured, detailed data stored in knowledge bases.
To streamline the process, FalkorDB is developing a solution that fully automates the conversion of organizational information into a Knowledge Graph, a process that can otherwise be complex and challenging. FalkorDB's integration as GraphRAG offers an innovative solution that leverages the advantages of both worlds: efficiently managing internal organizational information through graphs and incorporating relevant external knowledge to enhance decision-making and interactions with large language models. FalkorDB's technological uniqueness compared to the rest of the market lies in its extremely low latency Graph Database, which uses a unique approach based on representing information in sparse matrices and querying the data by computing algebraic expressions.
Founded in 2023 by Guy Kurland (CEO), Roy Lipman (CTO), and Avi Avni (Chief Architect), all former Redis employees, the raised capital will be used to accelerate product development, hire personnel, and initiate marketing and sales.
The traditional market in which FalkorDB operates is the graph database market, which is valued globally at over $3 billion and is expected to grow at an average annual rate of 21.9% until 2030. The market is rapidly evolving with increasing demand for solutions capable of managing complex relationships within data. FalkorDB targets the new market of Large Language Models (LLMs) based applications, one of the fastest-growing sectors in technology, with significant growth in the use of these models for content creation, customer service, and more. The global generative AI market was valued at over $200 billion in 2023 and is expected to exceed $1 trillion by 2030.
A major challenge in the field of large language models is the adoption of the technology by large organizations so that the models can help make quick, highly reliable business decisions based on the organization's internal information. Language models trained on internet data cannot meet this need because they are not exposed to the organization's internal information and suffer from "hallucinations" that undermine reliability and the adoption of the technology by organizations. The solution to this need is to make current and relevant organizational information accessible to the model during its operation and base the received answers on this information. Solutions addressing this need are referred to as RAG (Retrieval-Augmented Generation).
Background on the Founders:
Roy Lipman, CTO and Co-Founder: Conceived the idea for a database like FalkorDB over 8 years ago. Roy was part of the team that brought the vision to reality and developed the technology behind FalkorDB.
Avi Avni, Chief Architect and Co-Founder: An expert in databases, contributed to the development of programming languages like C# and F#. In his spare time, Avi developed a database similar to FalkorDB and decided to join forces with his partners to create an innovative and fast product.
Dr. Guy Kurland, CEO and Co-Founder: Brings extensive experience in developing high-speed databases. Guy has worked on developing high-speed databases in several companies and led development groups in the field.
The three founders are former employees of Redis, a leading company in the field of fast data access, providing in-memory database solutions. Their experience at Redis helped them develop FalkorDB with a focus on speed and efficiency.
The combination of deep knowledge in databases, technological innovation, and a shared vision led Guy, Roy, and Avi to create FalkorDB - a graph database that offers advanced solutions for the era of big data and machine learning models.

FalkorDB
8 Rosh-Pina st. , Petah-Tikva, Israel
info@falkordb.com
Guy Korland

FalkorDB, a startup founded by former Redis employees, has secured $3 million to develop GraphRAG technology. This technology integrates external knowledge graphs with large language models (LLMs) to improve their accuracy and context-awareness. FalkorDB addresses a key challenge in LLM adoption: the lack of access to internal organizational information. By automating knowledge graph creation and offering an extremely low-latency graph database, FalkorDB empowers LLMs to leverage internal data for reliable decision-making. This positions them to capture a significant share of the rapidly growing LLM application market, valued at over $200 billion in 2023.

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