On Wednesday, Snowflake, the cloud-based data warehouse company, announced its acquisition of Neeva, a startup located in Mountain View, California. The exact amount of the acquisition was not disclosed.
Snowflake’s motive behind this acquisition is to incorporate generative AI-powered search capabilities into its Data Cloud platform, as per reported by InfoWorld.
“Snowflake is acquiring Neeva, a search company founded to make the search even more intelligent at scale. Neeva created a unique and transformative search experience that leverages generative AI and other innovations to allow users to query and discover data in new ways,” Snowflake co-founder Benoit Dageville said in a blog post.
“Search is fundamental to how businesses interact with data, and the search experience is evolving rapidly with new conversational paradigms emerging in the way we ask questions and retrieve information, enabled by generative AI. The ability for teams to discover precisely the right data point, data asset, or data insight is critical to maximizing the value of data,” Dageville added.
In August 2022, Snowflake acquired Applica, a Poland-based AI-based document analysis platform. This acquisition aimed to assist enterprises in managing unstructured data effectively.
Founded in 2019 by Sridhar Ramaswamy and Vivek Raghunathan, Neeva is a company that has secured more than $77 million in funding to date. Notable investors in Neeva include Greylock and Sequoia.