AI integration platform AI Squared acquires Multiwoven
The acquisition comes less than two weeks after the Washington DC-based technology provider raised $13.8 million in a Series A funding led by Ansa Capital.
Artificial intelligence (AI) integration platform AI Squared has acquired California and Bengaluru-based open-source reverse ETL (rETL) company to accelerate the delivery of data and AI insights into business applications.
The terms of the current transaction, including the deal size, were not disclosed.
This acquisition comes less than two weeks after Washington DC-based AI Squared raised $13.8 million in a Series A funding led by Ansa Capital. The technology provider will incorporate Multiwoven’s rETL capabilities into its existing enterprise offering to help organisations integrate robust data and AI insights into business applications more efficiently.
Reverse ETL is the process of taking organised data from a data warehouse and moving it into applications and tools that businesses use daily, such as sales, marketing, and advertising platforms. ETL refers to 'extract, transform, load'.
“Now as a singular organisation, AI Squared and Multiwoven will continue to lead the way in open-source rETL, while simultaneously bringing critical data-movement functionality to our customers,” said Benjamin Harvey, Founder and CEO at AI Squared, which was founded in 2021.
Along with integrating Multiwoven’s technology into its enterprise platform, AI Squared will continue to support the active development of Multiwoven’s open-source technology, which has one the fastest growing connector ecosystems driven by the open-source community, said the company in a statement.
Multiwoven's team will join AI Squared as part of the acquisition, with its founders assuming leadership roles at the company. Sujoy Golan will now serve as AI Squared’s chief product officer, while Nagendra Dhanakeerthi will serve as the chief technology officer. Subin Thattaparambil will be the senior vice president of engineering.
“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,” said Multiwoven’s Co-founder and CEO Golan.
AI Squared's solutions are being rolled out across government organisations, as well as Fortune 500 corporations across the finance, manufacturing, and health industries.
Edited by Swetha Kannan
