IBM announced on Monday that it has acquired Seek AI, an artificial intelligence platform that enables users to query enterprise data using natural language. The financial details of the acquisition were not disclosed.
Sarah Nagy, CEO and founder of Seek, stated that the startup's technology will become a core component of Watsonx AI Labs, IBM's newly established AI accelerator located in New York City, which was also announced today.
"We will expand our platform to deploy mission-critical solutions for IBM customers, empower the next generation of AI developers, and significantly grow our team," Nagy wrote in a LinkedIn post.
The acquisition of Seek comes as IBM looks to increase its investment in artificial intelligence, particularly in the enterprise AI sector. This strategy has proven effective for IBM, with the tech giant exceeding expectations in its first-quarter earnings, driven by software growth and strong AI demand.
Founded in 2021 by Nagy and headquartered in New York City, Seek offers a suite of tools designed to help businesses better utilize their data. The company's software allows users to interact with data through a chatbot-like interface, automatically translating natural language queries into database queries while performing advanced data analysis and summarization.
Prior to the acquisition, Seek AI successfully raised approximately $10 million from investors including Battery Ventures, Conviction Partners, and NJP Ventures. Following the completion of the deal, the startup will relocate its headquarters to One Madison, where Watsonx AI Labs and IBM's new Manhattan office are located.
"Watsonx AI Labs is where top AI developers can access world-class engineers and resources to build new businesses and applications," said Ritika Gunnar, IBM General Manager of Data and AI, in a statement. "By anchoring this mission in New York City, we're investing in a diverse pool of world-class talent and a vibrant community that has long shaped the technology landscape."
In the press release, IBM stated that Watsonx AI Labs will bring together IBM researchers and engineers in a "collaboration hub" to develop AI solutions for companies. Watsonx AI Labs will also seek partnerships with local universities and research institutions.
Startups successfully launching products through the accelerator may gain access to IBM resources and potential investments from IBM Ventures, the company's corporate venture capital arm, along with its $500 million Enterprise AI Fund.
