Zapata Computing / Zapata AI announced to the world that it will publicly list itself on the stock market. The quantum computing company intends to make itself a publicly listed quantum company to join the ranks of Rigetti, IonQ, and D-wave in publicly offering its shares. Zapata Computing, the Boston-based company that is focused on industrial generative AI software company, has found its way toward the public markets in a super-heated environment where AI, especially generative AI, has become an investment trend.
Since the announcement on the announcement on the 6th of September 2023, there have been no further details on dates or timelines for when “main-street” will be able to purchase shares in the company. As we reported recently, the Zapata Computing IPO will join the ranks of SPAC-listed companies, which have attracted their fair share of controversy.
Zapata Computing originated from Harvard University and was established in 2017 by a team of Harvard scientists, including Alán Aspuru-Guzik. The enterprise is headquartered in Boston, Massachusetts. Its attracted investment over its lifetime.
Zapata AI: Funding to Date
Zapata Computing’s investment journey unfolded through several notable funding rounds. The company secured $21 million during its Series A funding round on April 17, 2019, with significant contributions from Comcast Ventures and Prelude Ventures. Following this, Zapata Computing had two tranches in its Series B funding round; initially, on August 28, 2020, it raised $3 million, and then later, on November 19, 2020, it amassed an impressive $38 million, bringing the total to $41 million for the Series B round with backing from Comcast Ventures, Pitango VC, and Prelude Ventures.
Zapata Computing, To Focus more on AI rather than Quantum?
After its Initial Public Offering (IPO), Zapata AI intends to utilize the proceeds to further innovation, enhance enterprise customer acquisition, and advance its growth strategy. This initiative will likely drive the expansion of its Industrial Generative AI software solutions, which are designed to tackle complex computational problems faced by enterprises. Through this financial bolstering, Zapata AI aims to continue developing its proprietary technology, extending its full-stack Quantum AI software platform, Orquestra, and delivering enterprise-ready AI solutions across a broad spectrum of industries including life sciences, finance, chemicals, automotive, government/defense, aerospace, and energy.
Zapata AI IPO. Ticker: ZPTA
We are keen to understand when the company will officially float on the New York Stock Exchange under new ticker symbol ZPTA. As yet, there is no official timescale for this process. If fully approved, Zapata AI is expected to list on the New York Stock Exchange under new ticker symbol ZPTA, so you’ll be able to find it all most platform such as Google Finance (when it lists!). Andretti Acquisition announced today that they have entered into a business combination at an implied pre-money equity value of $200 million.
Zapata AI is set to go public through a Special Purpose Acquisition Company (SPA) mechanism, partnering with Andretti Acquisition Corp., led by racing legend Michael Andretti. The SPAC, also known as a blank-check company, merges with Zapata AI, valuing the latter at around $200 million.
“Zapata AI’s Industrial Generative AI solutions have demonstrated their applicability helping enterprises across a range of industries solve complex problems and make better business decisions – we have experienced this firsthand in the AI-driven race strategy solutions and advanced analytics capabilities they are delivering to Andretti Autosport. The Company is already working with some of the world’s largest and most recognizable organizations, and based on our understanding of its vast capabilities, compelling go-to-market strategy and ambitious growth plan, we believe there is tremendous enterprise revenue opportunity.”
Michael Andretti, Co-CEO of Andretti Acquisition Corp.
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