Acquisition of leading open-source reverse ETL
(rETL) platform comes on the heels of robust Series A funding
round
WASHINGTON, May 9, 2024
/PRNewswire/ -- AI Squared, a leading technology provider for
integrating information into web-based business applications,
announces its acquisition of the world's number one open-source
Reverse ETL (rETL) company, Multiwoven. With this acquisition, AI
Squared furthers its commitment to helping organizations simplify
the movement of data and AI insights into business
applications.
The acquisition of Multiwoven comes less than two weeks after AI
Squared's nearly $14 million Series A
funding round, which was led by ANSA Capital and NEA. Making the
acquisition so quickly after announcing this funding is a signal to
the industry that AI Squared will continue to make bold decisions
that enable organizations to augment business workflows with robust
information.
Reverse ETL is the process of taking organized data from a data
warehouse and moving it into applications and tools that businesses
use daily, such as sales, marketing, and advertising platforms. AI
Squared will be incorporating Multiwoven's rETL capabilities into
its existing enterprise offering to help organizations more
efficiently integrate robust data and AI insights into business
applications.
Along with integrating Multiwoven's technology into its
enterprise platform, AI Squared will proudly continue to support
active development of Multiwoven's open-source technology, which
has the fastest growing Connector ecosystem driven by the
open-source community. This commitment to supporting Multiwoven as
an open-source project signifies AI Squared's recognition of the
critical role that open-source plays in driving technological
innovation.
The Multiwoven team joins AI Squared as part of the acquisition,
with Multiwoven's founders assuming leadership roles at the
company. Sujoy Golan will now serve
as AI Squared's Chief Product Officer, Nagendra Dhanakeerthi will serve as Chief
Technology Officer, and Subin Thattaparambil will serve as SVP of
Engineering.
"From my experiences as a data-science executive at the National
Security Agency and as an early employee at Databricks, I recognize
and respect the critical role that the open-source community plays
in fueling innovation," says Benjamin
Harvey, Ph.D., AI Squared's founder and CEO. "Now as a
singular organization, AI Squared and Multiwoven will continue to
lead the way in open-source rETL, while simultaneously bringing
critical data-movement functionality to our customers."
"We created Multiwoven to solve for the significant complexities
around integrations and data movement that data teams grapple with
when trying to use their own customer warehouse data for their
business tools. With our new combined team, we will be able to
accelerate the development and growth of Multiwoven open-source,
which will remain free to use. We are also excited to now introduce
advanced capabilities to activate AI/ML data, together with AI
Squared," says Sujoy Golan,
Multiwoven's Co-founder and CEO.
The Multiwoven team brings exciting innovations around data
activation and data integration to the forefront at AI Squared. To
learn more about the advancements that the Multiwoven acquisition
is enabling at AI Squared, read the announcement blog or visit AI
Squared's website.
About AI Squared
Founded in 2021, AI Squared helps organizations deliver data and AI
insights into their business applications. The company's solutions
are currently being rolled out across government organizations, as
well as Fortune 500 corporations across the finance, manufacturing,
and health industries. For more information, please
visit www.squared.ai.
Media Contact:
Press@squared.ai
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SOURCE AI Squared