Acquisition of leading open-source reverse ETL (rETL) platform comes on the heels of robust Series A funding round
AI Squared, a leading technology provider for integrating information into web-based business applications, announces its acquisition of the world’s number one open-source Reverse ETL (rETL) company, Multiwoven. With this acquisition, AI Squared furthers its commitment to helping organizations simplify the movement of data and AI insights into business applications.
The acquisition of Multiwoven comes less than two weeks after AI Squared’s nearly $14 million Series A funding round, which was led by ANSA Capital and NEA. Making the acquisition so quickly after announcing this funding is a signal to the industry that AI Squared will continue to make bold decisions that enable organizations to augment business workflows with robust information.
Reverse ETL is the process of taking organized data from a data warehouse and moving it into applications and tools that businesses use daily, such as sales, marketing, and advertising platforms. AI Squared will be incorporating Multiwoven’s rETL capabilities into its existing enterprise offering to help organizations more efficiently integrate robust data and AI insights into business applications.
Along with integrating Multiwoven’s technology into its enterprise platform, AI Squared will proudly continue to support active development of Multiwoven’s open-source technology, which has the fastest growing Connector ecosystem driven by the open-source community. This commitment to supporting Multiwoven as an open-source project signifies AI Squared’s recognition of the critical role that open-source plays in driving technological innovation.
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The Multiwoven team joins AI Squared as part of the acquisition, with Multiwoven’s founders assuming leadership roles at the company. Sujoy Golan will now serve as AI Squared’s Chief Product Officer, Nagendra Dhanakeerthi will serve as Chief Technology Officer, and Subin Thattaparambil will serve as SVP of Engineering.
“From my experiences as a data-science executive at the National Security Agency and as an early employee at Databricks, I recognize and respect the critical role that the open-source community plays in fueling innovation,” says Benjamin Harvey, Ph.D., AI Squared’s founder and CEO. “Now as a singular organization, AI Squared and Multiwoven will continue to lead the way in open-source rETL, while simultaneously bringing critical data-movement functionality to our customers.”
“We created Multiwoven to solve for the significant complexities around integrations and data movement that data teams grapple with when trying to use their own customer warehouse data for their business tools. 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,” says Sujoy Golan, Multiwoven‘s Co-founder and CEO.
Source: PRNewsWire
