IBM on Monday said that it has acquired Seek AI, an AI platform that allows users to ask questions about enterprise data using natural language, for an undisclosed sum.
Seek CEO and founder Sarah Nagy said that the startup’s technology will be a key part of Watsonx AI Labs, IBM’s new NYC-based AI accelerator, which IBM also announced today.
“[W]e’ll scale our platform, deploy mission-critical solutions for IBM clients, empower the next generation of AI developers, and grow our team significantly,” wrote Nagy in a LinkedIn post.
IBM’s acquisition of Seek comes as the former looks to grow its investments in AI, particularly AI for the enterprise. It’s a strategy that’s worked well for IBM so far. The tech giant’s Q1 earnings beat estimates, driven by software growth and strong AI demand.
NYC-based Seek, which Nagy founded in 2021, offers an array of tools designed to help businesses better leverage their data. The company’s software allows users to interact with data using a chatbot-like interface, automatically translating natural language questions into database queries and performing high-level data analysis and summarization.
Prior to its exit, Seek AI managed to raise around $10 million from investors including Battery Ventures, Conviction Partners, and NJP Ventures. The startup will move its headquarters to One Madison, the location of Watsonx AI Labs and IBM’s new Manhattan offices, once the deal closes.
“[W]atsonx AI Labs is where the best AI developers gain access to world-class engineers and resources and build new businesses and applications,” IBM GM of Data and AI Ritika Gunnar said in a statement. “By anchoring this mission in New York City, we are investing in a diverse, world?class talent pool and a vibrant community whose innovations have long shaped the tech landscape.”
In a press release, IBM said that Watsonx AI Labs will bring together IBM researchers and engineers in a “collaborative hub” to build AI solutions for companies. Watsonx AI Labs will also seek collaborations with local colleges and research institutions.
Startups that successfully launch products at the accelerator will have access to IBM resources as well as potential investment from the company’s corporate VC wing, IBM Ventures, and its $500 million enterprise AI fund.
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