Snowflake (SNOW) Is in Talks to Buy Reka AI for $1 Billion
May 17, 2024 - news.bensbites.com
Snowflake Inc. is reportedly in negotiations to acquire Reka AI, a startup valued at over $1 billion. The acquisition is part of Snowflake's strategy to enhance its generative AI capabilities. Reka AI, known for creating large language models used in various tasks such as image captioning and customer support chatbots, was established in 2022 by researchers from Google and Meta Platforms Inc.
In 2023, Reka AI was valued at approximately $300 million during an investment round that included funding from Snowflake's venture arm. The startup's technology, which is trained on extensive internet data, is expected to boost Snowflake's AI offerings.
Key takeaways:
Snowflake Inc. is reportedly in discussions to acquire Reka AI, a startup company, for over $1 billion.
Reka AI specializes in creating large language models, which can be used for various tasks such as image captioning and customer-supported chatbots.
The startup was established in 2022 by researchers from Google and Meta Platforms Inc.
Reka AI was valued at approximately $300 million in a 2023 investment round, which included funding from Snowflake's venture arm.
