Zapata Computing to boost generative AI solutions with Andretti Acquisition Corp merger
Zapata Computing, an industrial generative AI software company has completed its business combination with Andretti Acquisition Corp, a special purpose acquisition company. The combined company has now been renamed Zapata Computing Holdings Inc.
The company will operate as Zapata AI and its common stock and warrants will begin trading on April 1, 2024 on the Nasdaq stock exchange. Zapata AI develops and delivers generative AI solutions, with the aim of solving its customers’ operational challenges.
Speaking about the acquisition, Christopher Savoie, CEO of Zapata AI, says: “Today marks an exciting new chapter in Zapata AI’s history that all of our valued stakeholders can be proud of. Since our launch in 2017, Zapata AI has been working diligently to lead the industrial generative AI revolution and becoming a public company will meaningfully advance our progress by opening up a new source of capital to fuel our growth and drive innovation.
“In a large and rapidly growing total addressable market, we are operating from a position of strength with enhanced financial flexibility, proprietary industrial generative AI techniques, and algorithms that we believe are at the leading edge of these new frontiers. We appreciate the unwavering support of our team, partners, and customers, and we look forward to creating long-term value by solving enterprises’ most computationally complex problems.”
Zapata AI’s generative AI and optimization offerings include Zapata AI Sense, which is a numerical, computational solution, and Zapata AI Prose, a text-based large language model solution. According to the company, these capabilities are available individually or combined, running through Zapata AI’s Sensor Intelligence Platform (SIP), and are designed to process live streaming sensor data at the edge.
Michael Andretti, co-CEO of Andretti Acquisition Corp., adds: “Zapata AI has been a pioneer of industrial generative AI with a suite of software offerings that can help organizations across a diverse range of industries drive better data understanding, create more accurate predictions, reduce risk, and optimize decision-making. It is Zapata AI’s vision, technology and capabilities that set it apart and make us most excited about the company’s promising future.”
The generative AI solutions are enabled by Zapata AI’s Orquestra reference architecture, the company’s full-stack development platform.
“It was a pleasure working with Christopher and the rest of Zapata AI’s talented team throughout the course of this business combination. In our view, there is no other company – private or public – in the burgeoning AI space that is quite like Zapata AI given how its in-depth quantum research has set its generative AI solutions apart,” says Bill Sandbrook, co-CEO of Andretti Acquisition Corp.
“This differentiation is what makes the company able to build an enviable customer roster and attract sustained strong interest from potential future customers. As shareholders, we will continue to offer the company our full support as it pursues its strategic growth plans.”
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Article Topics
acquisition | Andretti Acquisition Corp | generative AI | Zapata Computing
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