So, in the sense that the funding (aims to) comes from larger companies, you are correct. It's not VC, but it does seem like it could end up relying on payments from large companies, making it potentially vulnerable.
[0] https://searchmysite.net/pages/about/#search-as-a-service
As someone with a commercial digital garden with ads (and a $3/mo sub for the ad-adverse) I like to point out the tension in that whenever possible
Granted, it's a niche service, but over the past year it's still been used to flip MIDIs about 23 times a day on average, so it's definitely not unknown. I don't see any need to monetise it, though.
[0] "Advertising funded search engines will be inherently biased towards the advertisers and away from the needs of consumers", to quote Sergey Brin and Lawrence Page in their "The Anatomy of a Large-Scale Hypertextual Web Search Engine" paper from 1998.