![]() Following the acquisition, Snowflake could potentially extend Myst’s platform to new use cases in additional markets. Props to Siliconangle as well.ĪI models are used to generate business forecasts not only in the energy sector but also other industries. VentureBeat and not TechCrunch have covered them. Myst offers an AI platform that provides data science teams with a workflow to build, deploy and maintain highly accurate forecasting models on time series data in minutes. The AI models used in the energy sector often use similar methods. A neural network built to forecast rainfall, for example, might analyze past precipitation measurements. The Montana-based company has been focusing on building machine learning extensibility into the platform, and with this deal, it has taken a step in this direction.Īs the Energy industry involves this is actually really key BigData, since as AI models generate forecasts by analyzing historical data about a phenomenon and estimating how it may change in the future. Okay Montana? What! Over the last year, Snowflake has worked aggressively to expand its data cloud. Myst AI is a developer of the AI-based data analysis platform intended for electricity demand and supply forecasting. Myst.AI had raised $8 million in funding according to Crunchbase. The startup’s platform also automates related tasks, such as the process of deploying neural networks in production. San Francisco-based Myst offers a platform that makes it easier to develop AI models capable of making business forecasts. Energy companies use AI models to predict electricity price fluctuations, changes in customer demand and other trends. When you think of BigTech companies becoming and driving ESG, this is a timely acquisition. Not many companies in the world can do this: Snowflake is incredible, even with a rout of Tech stocks in 2022, its market cap is still $40 Billion. Watching Snowflake and Databricks make acquisitions is super interesting to me. is acquiring Myst AI, a startup that offers an artificial intelligence development platform for companies in the energy sector. The stealthy rise of Time series forecasting and A.I. For the price of a cup of coffee, Join 140 other paying subscribers. ![]() I cannot continue to write without community support. at the intersection of breaking news join AiSupremacy here. “Data is taking over the world.If you enjoy articles about A.I. ![]() “There are changes in collecting data, there are changes in analysing data,” he said. Yunger said the success of DataRobot - which landed a $2.7 billion valuation last year - and Tableau show the market is open to Pecan AI. While others like Boston-based DataRobot bring AI to the process, it is designed for a smaller sect of data scientists, Bronfman said. ![]() Just as Tableau and Qlik changed the BI world more than a decade ago, Pecan AI is seeking to do the same. With the new money in hand, the company plans on doubling its headcount in the next year and investing in its platform, Bronfman said.īronfman said he sees Pecan AI as the next generation of business intelligence. The 50-person company was not actually fundraising when Yunger started to talk to Bronfman about three months ago to take on an investment to accelerate the growth. “You need to enable the folks who have that data to leverage that data,” he said. Oren Yunger, investor at GGV Capital, said investing in a platform that brings AI to analysts was an easy decision as every company is now moving from being data informed to data driven. “With the pandemic, it’s shown you can’t just rely on historical data,” he said. The recent pandemic made getting those insights even more important as business patterns were thrown into flux, Bronfman said. Pecan AI’s platform mainly has been used by retailers, makers of consumer products, and mobile application developers to understand consumer behavior. The platform is designed for business intelligence analysts, allowing more people in an organization to use it and the AI-driven information it provides. The company - which is based in Tel Aviv pending a move soon to New York - helps its clients integrate AI into their business intelligence data and analytics, unlocking more predictive insights and information, said co-founder and CEO Zohar Bronfman. The company has now raised more than $50 million in funding since being founded in 2018. The round was led by GGV Capital and included participation from Vintage and existing investors Dell Technologies Capital, S-Capital and Mindset. Pecan AI closed a $35 million Series B after a year and a half of aggressive growth spurred on in part by the pandemic. ![]()
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