IBM acquires data analysis startup Seek AI, opens AI accelerator in NYC
IBM on Monday said that it has acquired Seek AI, an AI platform that allows users to ask questions about enterprise data using natural language, for an undisclosed sum.
Seek CEO and founder Sarah Nagy said that the startup's technology will be a key part of Watsonx AI Labs, IBM's new NYC-based AI accelerator, which IBM also announced today.
"[W]e'll scale our platform, deploy mission-critical solutions for IBM clients, empower the next generation of AI developers, and grow our team significantly," wrote Nagy in a LinkedIn post.
IBM's acquisition of Seek comes as the former looks to grow its investments in AI, particularly AI for the enterprise. It's a strategy that's worked well for IBM so far. The tech giant's Q1 earnings beat estimates, driven by software growth and strong AI demand.
NYC-based Seek, which Nagy founded in 2021, offers an array of tools designed to help businesses better leverage their data. The company's software allows users to interact with data using a chatbot-like interface, automatically translating natural language questions into database queries and performing high-level data analysis and summarization.
Prior to its exit, Seek AI managed to raise around $10 million from investors including Battery Ventures, Conviction Partners, and NJP Ventures. The startup will move its headquarters to One Madison, the location of Watsonx AI Labs and IBM's new Manhattan offices, once the deal closes.
"[W]atsonx AI Labs is where the best AI developers gain access to world-class engineers and resources and build new businesses and applications," IBM GM of Data and AI Ritika Gunnar said in a statement. "By anchoring this mission in New York City, we are investing in a diverse, world‑class talent pool and a vibrant community whose innovations have long shaped the tech landscape."
In a press release, IBM said that Watsonx AI Labs will bring together IBM researchers and engineers in a "collaborative hub" to build AI solutions for companies. Watsonx AI Labs will also seek collaborations with local colleges and research institutions.
Startups that successfully launch products at the accelerator will have access to IBM resources as well as potential investment from the company's corporate VC wing, IBM Ventures, and its $500 million enterprise AI fund.
This article originally appeared on TechCrunch at https://techcrunch.com/2025/06/02/ibm-acquires-data-analysis-startup-seek-ai-opens-ai-accelerator-in-nyc/
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
35 minutes ago
- Yahoo
Cigna, Allegheny Health Network contract dispute threatens in-network access for thousands
Thousands of Cigna commercially insured people in the Pittsburgh region could lose in-network access to Allegheny Health Network by the end of June in a dispute over a new contract. AHN patients who use Cigna were notified this week of the impasse in negotiations on a new contract, meaning most care would be out of network if there isn't a new contract in place by June 30, according to a copy of a letter obtained by the Pittsburgh Business Times. About 20,000 Cigna members have used an AHN provider within the past year. It's the second such dispute in the past two years. The contract that runs out is for commercially insured members and not for Medicare or Medicare Advantage members. Cigna in March 2025 sold the Medicare-related business to Health Care Service Corp., a Chicago-based insurer. HCSC's coverage of Medicare and Medicare Advantage patients isn't impacted by this dispute and those patients will continue to have in-network access to AHN no matter what happens to the commercial insurance agreement. Click here to read more from our partners at the Pittsburgh Business Times. Download the FREE WPXI News app for breaking news alerts. Follow Channel 11 News on Facebook and Twitter. | Watch WPXI NOW
USA Today
41 minutes ago
- USA Today
Dave's Hot Chicken acquired by private equity firm that owns Subway
Dave's Hot Chicken acquired by private equity firm that owns Subway Just eight years after starting in a Los Angeles parking lot, Dave's Hot Chicken has been acquired by private equity firm Roark Capital in a deal worth approximately $1 billion to enter its "next phase of growth and innovation." A spokesperson for Dave's Hot Chicken confirmed the acquisition to USA TODAY via email on Wednesday, June 4. Started by three childhood friends in a parking lot in Los Angeles in 2017, the chain primarily offers chicken tenders and chicken sandwiches and expects to end the year with over 400 locations worldwide. According to the company, it has sold the rights to more than 1,000 franchise locations in the U.S., Middle East and Canada and will open 155-plus locations this year. 'This is one of the great entrepreneurial journeys of our time, and now we begin the next chapter in the story,' said Bill Phelps, Dave's Hot Chicken's CEO, in a news release. 'Our entire organization is excited about the fit between Dave's Hot Chicken and Roark, and we're looking forward to continuing to blow our guests' minds and unlocking growth and value for our franchise partners.' According to reporting from CNBC, Phelps, who previously led Wetzel's Pretzels for 25 years, joined Dave's in 2019, less than two years after its founding. Phelps told the business news outlet Dave's could reach up to 4,000 locations worldwide over the next 10 years. Dave's leadership team will remain in their roles, according to the news release, continuing to drive the company's "menu innovation, food quality, in-store experience, operations, marketing, branding, digital and more." More news: Dollar Tree expects to take profit hit from tariffs, shares drop on outlook What is Roark and which companies do they own? According to the acquisition announcement, Roark is an Atlanta-based private equity firm with $40 billion in equity under management. The company has several well-known brands in the restaurant and food industries in its portfolio, including Buffalo Wild Wings, Arby's, Dunkin', Jimmy John's, and Sonic, among more. The company acquired sandwich giant Subway in 2023 for nearly $10 billion in what was one of the biggest fast food acquisitions ever. Gabe Hauari is a national trending news reporter at USA TODAY. You can follow him on X @GabeHauari or email him at Gdhauari@
Yahoo
41 minutes ago
- Yahoo
THG to be demoted from FTSE 250 as Wickes enters index
Online retail specialist THG is to be pushed out of the FTSE 250 in the latest reshuffle of London's top stock indexes. Meanwhile, home improvement chain Wickes will be among the beneficiaries as it climbs into the index. FTSE Russell, the global index provider run by the London Stock Exchange Group, updates the firms listed on its FTSE 100 and FTSE 250 indexes every three months. On Wednesday, it confirmed which of the UK's largest firms are valued highly enough to join each index based on their share value at the close of trading on Tuesday June 3. It announced that the FTSE 100 – the index of the London Stock Exchange's highest value stocks – remained unchanged in the new update. However, the FTSE 250 – the index of the 250 next most valuable companies – will see a raft of changes. It said Manchester-based online retail business THG – which was previously called The Hut Group – will be among those demoted from the FTSE 250 index. The company has seen its shares continue a steady decline in recent months, amid continued challenges in its nutrition business, which includes the MyProtein brand. The business, founded by Matthew Moulding, saw revenues drop by 5% last year after this weakness offset growth in its beauty operations. THG is now valued at around £353 million, having been worth as much as £5.4 billion when it floated on the London Stock Exchange in 2021. Elsewhere, National Express parent firm Mobico will also drop from the index after a recent fall in revenues as it undergoes a significant turnaround plan. Bellevue Healthcare Trust, a healthcare investment firm, and mining giant Ferrexpo have also dropped from the index. Meanwhile, home improvement chain Wickes is among those that will jump into the index. Wickes shares have risen by more than 50% since the start of the year after reporting resilient customer demand despite pressure on big ticket spending. It will be joined in the index by Avon Technologies, Gamma Communications and Ashoka India Equity Investment Trust. The changes will take effect from the start of trading on Monday June 23.
