IBM announced Monday its acquisition of Seek AI, a natural language AI platform for enterprise data inquiries, for an undisclosed amount. The acquisition coincides with the launch of Watsonx AI Labs, IBM’s new AI accelerator based in New York City.
Seek AI’s technology will be integrated into Watsonx AI Labs, according to Seek CEO and founder Sarah Nagy. She stated that the company plans to expand its platform, implement crucial solutions for IBM clients, develop the next generation of AI developers, and significantly increase its team size. Nagy’s remarks were posted on LinkedIn.
IBM’s investment in AI, specifically for enterprise applications, led to the acquisition of Seek AI. IBM’s Q1 earnings exceeded expectations, driven by software growth and strong AI demand.
Founded in 2021 and based in New York City, Seek AI provides tools that enable businesses to leverage data. The company’s software translates natural language questions into database queries, performing data analysis and summarization through a chatbot interface.
Before the acquisition, Seek AI secured approximately $10 million in funding from investors, including Battery Ventures, Conviction Partners, and NJP Ventures. Upon closing of the deal, the startup will relocate its headquarters to One Madison, the location of Watsonx AI Labs and IBM’s new Manhattan offices.
IBM GM of Data and AI Ritika Gunnar stated that Watsonx AI Labs will provide AI developers with access to engineers and resources to build new businesses and applications. Gunnar added that IBM is investing in talent and community within New York City.
According to a press release, Watsonx AI Labs will unite IBM researchers and engineers to develop AI solutions for companies. In addition, it will pursue collaborations with colleges and research institutions.
Startups that successfully launch products at the accelerator will have access to IBM resources and potential investment from IBM Ventures, its corporate VC wing, and the company’s $500 million enterprise AI fund.
