CLOU - Snowflake CEO Targets AI Acquisitions To Boost Growth: Report | Benzinga
Snowflake Inc (NYSE:SNOW) new Chief Executive Officer Sridhar Ramaswamy is strategically targeting artificial intelligence acquisitions to stay ahead of rivals such as Databricks Inc. and major cloud computing companies.
Snowflake recently engaged in discussions to purchase Reka AI for over $1 billion, but the deal did not materialize. In April, Snowflake introduced its own large language model, Arctic, and supports other LLMs like OpenAI on its platform.
Last month, Snowflake revealed plans to onboard approximately 35 employees from AI startup TruEra, which secured $25 million in funding in 2022, reported Bloomberg.
“We will be on the lookout for acquisitions opportunistically,” Ramaswamy stated, which the report quoted, emphasizing Snowflake’s focus on recruiting top AI talent. “The number of people, in my opinion, that can train truly world-class foundation models right now is vanishingly small — I would say like ...