IBM Acquires Seek AI for Unspecified Amount, to Boost Watsonx AI Labs

IBM has announced its acquisition of Seek AI, a startup that provides an AI platform enabling users to query enterprise data using natural language. Seek AI's CEO and founder, Sarah Nagy, revealed that the company's technology will play a significant role in Watsonx AI Labs, IBM's new AI accelerator based in New York City. Nagy expressed intentions to expand the platform, deliver solutions for IBM clients, support the next generation of AI developers, and expand the team. IBM's move to acquire Seek aligns with its strategy to advance investments in enterprise AI, which has been successful for the tech giant, as evidenced by its Q1 earnings beating estimates.

Seek AI, founded by Nagy in 2021, offers tools to help businesses optimize data utilization, employing a chatbot-like interface to interact with data, translating natural language queries into database requests, and conducting advanced data analysis. Before the acquisition, Seek AI secured approximately $10 million in funding from investors such as Battery Ventures, Conviction Partners, and NJP Ventures. Following the acquisition, Seek AI plans to relocate its headquarters to One Madison, the site of Watsonx AI Labs and IBM's new Manhattan offices.

IBM's GM of Data and AI, Ritika Gunnar, emphasized that Watsonx AI Labs will serve as a hub for AI developers to access engineering resources, build new businesses, and create applications, while investing in a diverse talent pool. Additionally, IBM detailed that Watsonx AI Labs will unite its researchers and engineers in a collaborative environment to develop AI solutions for companies, fostering partnerships with local educational institutions. Successful startups at the accelerator will gain access to IBM's resources and potential investment from IBM Ventures and its $500 million enterprise AI fund.