Pinterest, which develops visual search technology and helps users to save images on its Web site, has raised US$150 million (A$198 million) from existing investors in its latest round of funding, valuing the company at $12.3 billion.

The latest funding round has increased the company’s valuation from $11 billion in March 2015.

Pinterest, founded in 2010, introduced a new search tool in early February called Lens which helps users to discover ideas inspired by objects in the real world that are detected through a device camera.