IBM Acquires Seek AI & Launches NYC AI Accelerator

IBM Acquires Seek AI to Enhance Enterprise Data Capabilities

IBM announced on Monday the acquisition of Seek AI, a platform enabling users to query enterprise data utilizing natural language processing. The financial terms of the acquisition were not disclosed.

Sarah Nagy, CEO and founder of Seek, indicated that the startup’s core technology will be integrated into Watsonx AI Labs, IBM’s newly established AI accelerator located in New York City, which was also unveiled today.

Expansion and Integration Plans

According to a LinkedIn post by Nagy, the acquisition will facilitate the scaling of their platform. It will also enable the deployment of crucial solutions for IBM’s clientele and foster the growth of their team.

This move by IBM signifies a continued commitment to expanding its investments in artificial intelligence, specifically focusing on applications within the enterprise sector. Early results suggest this strategy is proving successful, as IBM’s first-quarter earnings exceeded expectations.

Seek AI’s Technology and Funding

Founded in 2021 and based in New York City, Seek AI provides a suite of tools designed to improve how businesses utilize their data assets.

The company’s software facilitates interaction with data through a conversational interface. This interface automatically converts natural language inquiries into database queries, subsequently performing advanced data analysis and summarization.

Before the acquisition, Seek AI secured approximately $10 million in funding from investors including Battery Ventures, Conviction Partners, and NJP Ventures.

Watsonx AI Labs and Future Collaborations

Following the deal’s completion, Seek AI will relocate its headquarters to One Madison, co-locating with Watsonx AI Labs and IBM’s new Manhattan offices.

Ritika Gunnar, IBM’s General Manager of Data and AI, stated that Watsonx AI Labs will serve as a hub for top AI developers. They will gain access to world-class engineering resources and opportunities to develop new businesses and applications.

Investment and Support for Startups

IBM plans to foster collaborations with local universities and research institutions through Watsonx AI Labs. This collaborative environment aims to build innovative AI solutions for businesses.

Successful startups emerging from the accelerator will benefit from access to IBM’s extensive resources. They will also be eligible for potential investment from IBM Ventures and the company’s $500 million enterprise AI fund.

The accelerator will provide a platform for building and launching new AI-driven applications.