Vesiro, a Gothenburg-based company specializing in enhancing database search performance to minimize server costs and energy usage, recently secured €443K (5 million SEK) in a pre-seed funding round led by Chalmers Ventures, Norrsken Accelerator, Länsförsäkringar Göteborg & Bohuslän, in collaboration with First Gate Invest and E14 Invest AB. Their innovative software add-on significantly reduces search times in the widely used NoSQL database solution Elasticsearch, thereby optimizing server efficiency. The funding infusion is earmarked to facilitate team expansion, crucial for accelerating product development, enabling Vesiro to further enhance their technology and advance their vision of reducing server-related expenses and energy consumption within the rapidly expanding data-driven landscape.
The surge in data, driven by new technologies such as AI, has led to servers consuming more energy than ever before. Large-scale data analysis with adequate response times requires substantial server resources, significantly driving up costs and energy consumption. Projections indicate that global businesses will spend over $90 billion on servers in 2023, with data centers expected to account for 10% of total global energy consumption by 2030.
Vesiro offers a database add-on that enhances search performance within databases. Reducing search times means that servers are used more efficiently, leading to a reduction in both server cost and energy consumption. Vesiro has developed a software add-on that significantly reduces search times in Elasticsearch, one of the fastest NoSQL database solutions globally. The capital from this investment will enable Vesiro to expand its team, which is crucial for accelerating the further development of the product.
“We are incredibly happy to have secured funding for our company’s continuous development,” says Oskar Hagman, CEO & Co-founder of Vesiro. “In today’s world, where early-stage companies struggle to find capital, finding investors who believe in us and share our vision is both encouraging and exciting. Our technology holds immense potential, and now we’re ready to shift gears and take the next steps to realize that vision.”
“Vesiro is a prime example of a tech startup that not only creates a solid business case but also generates a positive impact,” states Pontus Ottosson, Head of Investments at Chalmers Ventures. “Their technology not only solves a problem and optimizes a process but also helps to reduce costs and save energy. We see a significant market potential for this kind of technology.”
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Originally published on ArcticStartup : Original article