Myst ai crunchbase8/12/2023 Myst is the second AI startup that Snowflake has acquired in the past year. Accurate forecasts can establish measurements to guide management, facilitate planning and goal setting, and help mitigate risk.” “It is used extensively in supply chain management, inventory planning, and finance. “Time series forecasting is one of the most applied data science techniques in business,” Greg Czajkowski, the senior vice president of engineering at Snowflake, wrote in a blog post. Following the acquisition, Snowflake could potentially extend Myst’s platform to new use cases in additional markets. According to the startup, one utility used its platform to reduce errors in some of its short-term business forecasts by 55%.ĪI models are used to generate business forecasts not only in the energy sector but also other industries. Myst has raised $8 million from investors since launch and says that its platform is used by multiple companies in the energy sector. The neural network’s estimate can then be compared with historical data about the event to measure its accuracy. A software team using its platform can have a new neural network estimate how a past business event unfolded. The startup’s platform also helps developers test the accuracy of new AI models before deploying them. Using that time-series data, customers can train the neural networks provided by Myst to perform tasks such as predicting changes in energy demand. Myst also provides connectors for collecting time-series data such as weather measurements. Myst’s platform is optimized for building neural networks that process time-series data.Īccording to the startup, its platform offers more than half a dozen prepackaged neural networks. The historical data analyzed by AI models to generate forecasts often includes time-series records, or records that not only contain information about an event but also specify when it occurred. The AI models used in the energy sector often use similar methods. A neural network built to forecast rainfall, for example, might analyze past precipitation measurements. The startup’s platform also automates related tasks, such as the process of deploying neural networks in production.ĪI models generate forecasts by analyzing historical data about a phenomenon and estimating how it may change in the future. San Francisco-based Myst offers a platform that makes it easier to develop AI models capable of making business forecasts. The financial terms of the transaction were not disclosed.Įnergy companies use AI models to predict electricity price fluctuations, changes in customer demand and other trends. Snowflake announced the acquisition on Wednesday. is acquiring Myst AI, a startup that offers an artificial intelligence development platform for companies in the energy sector. “It’s going to be extremely important not just for Microsoft’s future, but for everyone’s future.Snowflake Inc. “We’re going to see advances in 2023 that people two years ago would have expected in 2033,” Microsoft President Brad Smith told Reuters in an interview. The software giant has reportedly considered increasing its stake in OpenAI, believing that its artificial intelligence technology could generate business for Microsoft’s cloud business as more companies embrace AI and automation. Microsoft also provides OpenAI with computing power. (Though the report didn’t say, it’s reasonable to assume OpenAI’s unusal cap on venture returns played a role in investor reticence as well: In 2019, OpenAI switched to a “capped profit” structure that limit the returns for its investors to 100x, or possibly less in the future.) Still, several prominent VC firms declined to invest earlier this year, “questioning if it could justify a higher valuation or compete with rivals like Alphabet Inc.-owned Google,” Reuters reported, citing sources familiar with OpenAI’s fundraising efforts. Its supporters see potential for its technology to generate huge amounts of revenue by automating even creative tasks like writing and design. The organization was recently valued at $20 billion in a secondary sale of its shares, Reuters reported. Khosla Ventures, Sequoia Capital, Tiger Global, Y Combinator and Bedrock Capital have also provided capital. OpenAI alone has raised more than $1 billion in venture funding, according to Crunchbase data, with Microsoft as its largest investor. Along with OpenAI, the most highly valued startups in the space include data and AI company Databricks (valued at $38 billion), driverless auto company Cruise ($30 billion), and AI writing assistant service Grammarly ($13 billion).
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |