AI Squared, a tech provider known for embedding information into web-based business apps, just snapped up Multiwoven, an open-source reverse ETL company. This move dovetails perfectly with AI Squared’s goal of making it easier to weave artificial intelligence solutions into everyday business applications.
The acquisition will function as a partnership between the two companies. AI Squared is excited to continue to support the active development of Multiwoven’s open-source technology, which has the fastest-growing Connector ecosystem driven by the open-source community. Several members of Multiwoven’s team will be joining AI Squared, and Multiwoven’s founders are set to assume leadership positions at the company. Sujoy Golan will become AI Squared’s Chief Product Officer, Nagendra Dhanakeerthi will serve as Chief Technology Officer, and Subin Thattaparambil will assume the role of SVP of Engineering.
Benjamin Harvey, Ph.D., AI Squared’s founder and CEO, commented on the acquisition, “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. Now as a singular organization, AI Squared and Multiwoven will continue to lead the way in open-source reverse ETL, while simultaneously bringing critical data-movement functionality to our customers.”
“We created Multiwoven to solve the significant complexities around integrations and data movement that data teams grapple with when trying to use their 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,” said Sujoy Golan, Multiwoven’s Co-founder and CEO, soon to be AI Squared’s Chief Product Officer.
The acquisition comes at a lucrative time for AI Squared. Just two weeks prior, the company raised nearly $14 million in a Series A funding round, led by ANSA Capital and NEA. Purchasing Multiwoven so quickly after this funding announcement indicates that AI Squared is committed to making bold decisions in the name of progress. The company is eager to begin integrating Multiwoven’s innovations into its workflows. AI Squared will be incorporating Multiwoven’s reverse ETL (rETL) capabilities into its existing technology that helps organizations efficiently integrate data and AI insights into their business applications.
Reverse ETL refers to the process of pulling organized data from a warehouse and plugging it into applications and tools that businesses use daily. These might be used for sales, marketing, or advertising. By incorporating Multiwoven’s reverse ETL software into its existing systems, AI Squared will be able to give its clients faster access to more robust data.
AI Squared’s dedication to pushing boundaries and advancing technology has never been more apparent than with the acquisition of Multiwoven. The company’s support of Multiwoven’s open-source ecosystem shows that AI Squared understands how important open-source is to the future of tech advancement. This collaborative acquisition will open new doors for both companies and produce exciting techniques and technology to benefit everyone in the industry.
