Top AI Acquisitions of 2023: Big Tech Companies Investing in Future Technologies
The year 2023 has been a significant one for the tech industry, with a wave of acquisitions of AI startups by big tech companies. These acquisitions highlight the growing importance of AI technologies in driving innovation and staying competitive in the market.
One of the notable acquisitions was Snowflake’s acquisition of Neeva, a search startup founded by former Google employees. This move by Snowflake, a cloud data management company, for approximately $150 million in May 2023, showcases the company’s focus on integrating generative AI in search technology.
In January, Snowflake also acquired Myst AI, a startup focusing on AI development for the energy industry, to enhance its capabilities in business forecasting. This strategic move aimed at improving Snowflake’s AI and data science offerings.
Another significant acquisition was AMD’s acquisition of Nod.ai, an open-source AI software company, to optimize AI models for specific hardware. This move by AMD aimed at strengthening its AI software capabilities and ecosystem.
Google’s acquisition of Photomath, a Croatian company known for its maths problem-solving app, in June 2023, aimed at integrating the technology into Google’s educational products and services. This acquisition is expected to enhance students’ learning experience in maths.
Apple’s acquisition of WaveOne, a startup specializing in AI-based video compression algorithms, in March 2023, aimed at improving video quality and reducing bandwidth needs for streaming services and devices.
Nvidia’s acquisition of OmniML, a startup specializing in machine-learning model compression for edge devices, in February 2023, aimed at improving the performance and efficiency of machine learning models on edge devices.
Adobe’s recent acquisition of Rephrase AI, a startup from Bengaluru specializing in AI-powered video creation tools, aimed at enhancing creativity and efficiency in video editing.
Airbnb’s acquisition of GamePlanner.AI, a San Francisco-based travel planning startup, in August 2023, aimed at offering personalized travel experiences to users and expanding its reach in the activities and experiences sector.
Databricks’ acquisition of MosaicML in July 2023 aimed at expanding its AI platform by integrating advanced LLMs for generative AI models.
Overall, these acquisitions reflect the tech industry’s focus on leveraging AI technologies to drive innovation, enhance product offerings, and stay competitive in the market.