Zapata AI, a company specializing in industrial generative AI software, has completed its business merger with Andretti Acquisition Corp., a special-purpose acquisition company. The combined company will operate as Zapata AI and its shares will trade on the Nasdaq stock exchange under the ticker symbol “ZPTA”.
The merger provides Zapata AI with financial flexibility to fuel innovation and drive enterprise customer acquisition. Zapata AI’s solutions, based on quantum physics algorithms, address complex industrial-scale operational challenges. The company’s clients include Sumitomo Mitsui Trust Bank, BBVA, BP, BASF, DARPA, and Andretti Global.
Zapata AI Merges with Andretti Acquisition Corp.
Zapata Computing, Inc., a company specializing in Industrial Generative AI software, has announced the completion of its business merger with Andretti Acquisition Corp., a special purpose acquisition company. The newly formed entity, renamed Zapata Computing Holdings Inc., will continue to operate under the name Zapata AI. The company’s common stock and warrants will be listed on the Nasdaq stock exchange under the ticker symbols “ZPTA” and “ZPTAW” starting April 1, 2024.
Christopher Savoie, CEO of Zapata AI, expressed his excitement about this new phase in the company’s journey. Since its inception in 2017, Zapata AI has spearheaded the industrial generative AI revolution. The transition to a public company is expected to significantly boost the company’s growth and innovation by providing access to a new source of capital. Savoie highlighted the company’s strong position in a rapidly expanding market, backed by its proprietary industrial generative AI techniques and algorithms.
Zapata AI’s Generative AI Solutions
Zapata AI’s primary focus is on developing and delivering generative AI solutions to address complex, industrial-scale operational challenges. The company’s innovative algorithms, which are based on quantum physics, give it a performance edge. Its clientele includes enterprise and government customers such as Sumitomo Mitsui Trust Bank (SMTB), BBVA, BP, BASF, the Defense Advanced Research Projects Agency (DARPA), and Andretti Global, among others.
The company’s offerings include Zapata AI Senseâ„¢, a numerical computational solution, and Zapata AI Proseâ„¢, a text-based large language model solution. These capabilities can be used individually or combined, running through Zapata AI’s Sensor Intelligence Platform (SIP). This platform is designed to process vast amounts of live-streaming sensor data and deliver real-time insights in mission-critical environments. These generative AI solutions are enabled by Zapata AI’s Orquestra reference architecture, a full-stack development platform that integrates seamlessly with customers’ existing data and tools across multiple cloud environments.
Andretti Acquisition Corp.’s Perspective
Michael Andretti, Co-CEO of Andretti Acquisition Corp., praised Zapata AI for its pioneering work in industrial generative AI. He highlighted the company’s suite of software offerings that can help organizations across various industries improve data understanding, make more accurate predictions, reduce risk, and optimize decision-making. He also emphasized Zapata AI’s unique vision, technology, and capabilities that set it apart from other companies in the AI space.
Bill Sandbrook, Co-CEO of Andretti Acquisition Corp., expressed his pleasure working with Zapata AI’s team throughout the business combination process. He noted the company’s unique position in the AI space, given its in-depth quantum research that sets its generative AI solutions apart. According to Sandbrook, this differentiation enables the company to build an impressive customer roster and attract sustained interest from potential future customers.
About Zapata AI and Andretti Acquisition Corp.
Zapata AI is an Industrial Generative AI company that aims to revolutionize how enterprises solve complex problems with its suite of Generative AI software. The company was founded in 2017 and is headquartered in Boston, Massachusetts.
Andretti Acquisition Corp. is a special-purpose acquisition company formed to effect a business combination with one or more businesses or entities. The team includes racing legends Mario and Michael Andretti.
The announcement also included forward-looking statements, which are not historical facts but are predictions of future events or trends. These statements are subject to several risks and uncertainties regarding Zapata AI’s businesses, and actual results may differ materially. These risks and uncertainties include, but are not limited to, failure to realize the benefits expected from the business combination, a decline in the price of the combined company’s securities if it fails to meet the expectations of investors or securities analysts, and Zapata AI’s ability to attract new customers, retain existing customers, and grow, among others.
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