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Generative AI software program firm Zapata AI has agreed to go public on the New York Inventory Alternate by a merger with Andretti Acquisition Corp, a particular goal acquisition firm (SPAC) owned by American racing legend Michael Andretti.
Andretti’s SPAC deal is predicted to offer as much as $84 million to Zapata’s stability sheet, and the brand new mixed firm has obtained a pre-money fairness worth of $200 million. Boston-based Zapata spun out of Harvard College in 2017, and the corporate’s AI instruments run language and numeric fashions for partnered purchasers reminiscent of Amazon, Google, IBM, Nvidia, and DARPA.
Andretti World, Michael’s racing group that not too long ago rebranded from Andretti Autosport, has groups throughout IndyCar, Formulation E, and Excessive E which have an current partnership with Zapata.
These groups use Zapata’s AI software program Orquestra to research tire degradation, fuel-saving alternatives, and run predictive fashions to assist enhance methods throughout races. Racing groups generally associate with AI firms to get an engineering edge, reminiscent of McLaren’s comparable take care of DataRobot.
“Zapata AI’s industrial generative AI options have demonstrated their applicability serving to enterprises throughout a spread of industries clear up complicated issues and make higher enterprise choices,” mentioned Andretti in an announcement. “We’ve got skilled this firsthand within the AI-driven race technique options and superior analytics capabilities they’re delivering to Andretti Autosport.”
Andretti World operates in eight motorsports collection throughout six continents, and is “pushing exhausting” to enter each Formulation One and NASCAR, studies the Related Press. Andretti himself had a distinguished IndyCar Collection racing profession earlier than entering into staff possession, and he’s the son of F1 and NASCAR legend Mario Andretti.
Andretti’s SPAC plans to finish its Zapata merger by the primary quarter of 2024. The corporate will likely be listed underneath the inventory image “ZPTA,” and is aiming to capitalize on the generative AI craze that’s projected by PwC to assist push the broader AI financial system to $15.7 billion by 2030. Zapata beforehand raised $4.8 million in July, and a earlier $38 million Collection B in November 2020.
“We consider generative AI is shaping a once-in-a-generation alternative, and the capital and relationships afforded by this enterprise mixture will solely strengthen our market place,” Zapata AI CEO Christopher Savoie mentioned in a press launch.
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