Zilliz (Milvus)
ConvictionContext
Open-source core (Milvus, Apache 2.0, LF AI & Data Foundation graduated project) + commercial managed cloud service (Zilliz Cloud, usage-based/pay-as-you-go on AWS, GCP, Azure across 30+ regions) + enterprise support; classic open-core COSS funnel from OSS adoption to paid cloud
Revenue
Not disclosedthird-party estimates ~$16.2M for 2023 (GetLatka) and ~$48.8M for 2024 (UpMarket, derived from Sacra) - both unverifiedRev growth
Not disclosedGross margin
Not disclosedOp margin
Not disclosedpresumed negative - venture-funded growth stageCapex intensity
Low owned capexcloud COGS paid to hyperscalers as opexValuation
~$113M total raisedvaluation not disclosed at any round (last primary: Series B extension, Aug 2022Valuation trail
$700M2.8× since Nov 2020
3 marks · Nov 2020–Jul 2026
private — no public price
Priced round Secondary / SPAC mark
Zilliz has never disclosed a valuation at any round. All valuationB figures here are explicitly labeled analyst constructs anchored to the two real primary rounds (Nov 2020 $43M, Aug 2022 $60M) and the dossier's base-case scenario; they are not reported marks and should be rendered as estimates.
Members only
Full financial intelligence for Zilliz (Milvus)
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence