IBM Expands AI Horizons: Acquires Seek AI and Launches Cutting-Edge Accelerator in NYC
IBM announced on Monday its acquisition of Seek AI, a platform enabling users to query enterprise data using natural language, for an undisclosed amount.
According to Seek’s CEO and founder, Sarah Nagy, the startup’s technology will play a crucial role in Watsonx AI Labs, IBM’s newly launched AI accelerator located in New York City.
Nagy mentioned in a LinkedIn update, “We’ll scale our platform, deploy mission-critical solutions for IBM clients, empower the next generation of AI developers, and significantly expand our team.”
This acquisition aligns with IBM’s strategy to enhance its investment in AI, particularly for enterprise applications. So far, this approach has proven effective, with the tech giant reporting Q1 earnings that exceeded expectations, largely boosted by software growth and heightened demand for AI solutions.
Founded in 2021, NYC-based Seek offers a suite of tools aimed at helping businesses maximize the use of their data. The company’s software allows users to engage with data through a chatbot-like interface, which translates natural language inquiries into database queries and facilitates high-level data analysis and summarization.
Before its acquisition, Seek AI raised approximately $10 million from various investors, including Battery Ventures, Conviction Partners, and NJP Ventures. Following the completion of the deal, the startup will relocate its headquarters to One Madison, the same site as Watsonx AI Labs and IBM’s new offices in Manhattan.
Ritika Gunnar, IBM’s GM of Data and AI, remarked, “Watsonx AI Labs is where the best AI developers access world-class engineers and resources to build new businesses and applications. By establishing this mission in New York City, we are investing in a diverse, world-class talent pool and a vibrant community that has long influenced the tech landscape.”
In a recent press release, IBM shared that Watsonx AI Labs will unite researchers and engineers in a collaborative hub designed to develop AI solutions for businesses. The lab will also pursue partnerships with local educational institutions and research organizations.
Startups that successfully launch their products at the accelerator will gain access to IBM’s extensive resources, along with the potential for investment from the company’s venture capital arm, IBM Ventures, and its $500 million enterprise AI fund.
