Zapata AI and Andretti Acquisition Corp. Announce Closing of Business Combination
Zapata AI completes business combination with Andretti Acquisition Corp., to trade on Nasdaq under new ticker symbol 'ZPTA'. The move provides financial flexibility for innovation and enterprise growth. Zapata AI's generative AI solutions target industrial-scale problems with clients like SMTB, BBVA, BP, and DARPA.
The merger between Zapata Computing, Inc. and Andretti Acquisition Corp., resulting in Zapata AI's listing on the Nasdaq, is a pivotal moment for the company. The transition to a public entity provides Zapata AI with access to capital markets, which can be instrumental in accelerating its growth trajectory. The move to list under the ticker 'ZPTA' is not just a change in identity; it represents the company's transition into a new phase of maturity with increased scrutiny and the need to meet shareholder expectations.
Investors will likely monitor Zapata AI's performance closely, given its positioning in the high-growth area of industrial generative AI. The company's proprietary algorithms and its focus on quantum physics-based solutions place it at a potentially advantageous position within the AI landscape. However, the ability to convert technological prowess into sustainable revenue streams will be critical for long-term success. Moreover, the company's consultative approach and partnerships with notable enterprises and government entities suggest a strategic focus on high-value, long-term customer relationships.
From a financial perspective, the stock's performance will be closely tied to Zapata AI's ability to leverage its enhanced financial flexibility for effective customer acquisition and scaling its enterprise growth strategy. The company's performance in the stock market will serve as a barometer for investor confidence in its business model and growth prospects.
Zapata AI's core offerings, including Zapata AI Sense™ and Zapata AI Prose™, are indicative of the company's commitment to innovation in the AI space. The Sensor Intelligence Platform (SIP) and the Orquestra® reference architecture highlight the company's strategic approach to delivering integrated AI solutions. The ability to process live streaming sensor data and provide real-time insights is particularly critical in industries where operational efficiency and rapid decision-making can lead to significant competitive advantages.
The company's focus on a diverse range of industries, including telecommunications, financial services and biotech/pharmaceutical, suggests a broad market potential. However, this also implies the need to navigate different regulatory landscapes and customer requirements, which could impact the speed of adoption and scalability of Zapata AI's solutions.
As generative AI continues to evolve, Zapata AI's positioning at the intersection of AI and quantum computing could provide it with a unique competitive edge. The technology's ability to drive better data understanding, accurate predictions and optimized decision-making will be key selling points. The long-term success of Zapata AI will depend on its ability to stay ahead of the technology curve and maintain its competitive advantage in a rapidly evolving market.
Zapata AI's emphasis on leveraging quantum physics for its generative AI solutions is noteworthy. Quantum computing represents a significant leap in computational capability, particularly for tasks that are beyond the reach of classical computers. By harnessing this technology, Zapata AI is positioning itself to tackle some of the most computationally intensive problems faced by enterprises.
The practical applications of quantum computing in industrial settings are still emerging and Zapata AI's progress in this domain will be closely watched by industry peers and competitors. The company's ability to deliver on the promise of quantum-enhanced AI could set a new standard for what is achievable in terms of computational problem-solving. However, the nascent state of quantum technology also poses risks, as it requires substantial R&D investment and faces hurdles in terms of reliability and scalability.
Investors and industry observers will be interested in Zapata AI's ability to translate quantum computing advancements into marketable products and services. The company's future R&D directions, as well as its success in securing patents and intellectual property around its quantum-based algorithms, could significantly influence its market position and valuation.
03/28/2024 - 10:30 AM
Zapata AI’s shares to trade on Nasdaq stock exchange under new ticker symbol “ZPTA”
Provides Zapata AI with financial flexibility to fuel innovation, drive enterprise customer acquisition and advance its enterprise growth strategy
BOSTON & INDIANAPOLIS --(BUSINESS WIRE)--
Zapata Computing, Inc. (“Zapata AI”), the Industrial Generative AI software company developing solutions to solve enterprises’ most difficult, industrial-scale problems, announced today that it has completed its business combination with Andretti Acquisition Corp. (NYSE: WNNR), a special purpose acquisition company. The combined company, which was renamed Zapata Computing Holdings Inc., will operate as Zapata AI and its common stock and warrants will begin trading on April 1, 2024 on the Nasdaq stock exchange under the ticker symbols “ZPTA” and “ZPTAW”, respectively.
“Today marks an exciting new chapter in Zapata AI’s history that all of our valued stakeholders can be proud of,” said Christopher Savoie, CEO of Zapata AI. “Since our launch in 2017, Zapata AI has been working diligently to lead the industrial generative AI revolution and becoming a public company will meaningfully advance our progress by opening up a new source of capital to fuel our growth and drive innovation. In a large and rapidly growing total addressable market, we are operating from a position of strength with enhanced financial flexibility, proprietary industrial generative AI techniques, and algorithms that we believe are at the leading edge of these new frontiers. We appreciate the unwavering support of our team, partners, and customers, and we look forward to creating long-term value by solving enterprises’ most computationally complex problems.”
Zapata AI develops and delivers generative AI solutions to solve customers' highly complex industrial-scale operational challenges, leveraging the performance advantages of the company's innovative algorithms based on quantum physics. Zapata AI's enterprise and government customers have included Sumitomo Mitsui Trust Bank (SMTB), BBVA, BP, BASF, the Defense Advanced Research Projects Agency (DARPA), and Andretti Global, among numerous research and university partners.
Zapata AI's consultative go-to-market approach has gained traction, and the company sees multiple growth opportunities and is in discussions with leading companies across telecommunications, financial services, transportation and logistics, biotech/pharmaceutical and life sciences, automotive OEMs, advanced global manufacturing, and defense and government.
Zapata AI's generative AI and optimization offerings include Zapata AI Sense™, a numerical, computational solution, and Zapata AI Prose™, a text-based large language model solution. These capabilities are available individually or combined, running through Zapata AI’s Sensor Intelligence Platform (SIP), uniquely designed to ingest and process vast amounts of live streaming sensor data, while delivering real-time insights in mission-critical environments and to the edge. These generative AI solutions are enabled by Zapata AI's Orquestra® reference architecture, the company's full-stack development platform which seamlessly integrates with customers’ existing data and tools, and across multiple cloud environments, including AWS, GCP, Azure, and others.
Michael Andretti, Co-CEO of Andretti Acquisition Corp., stated, “Zapata AI has been a pioneer of industrial generative AI with a suite of software offerings that can help organizations across a diverse range of industries drive better data understanding, create more accurate predictions, reduce risk, and optimize decision-making. It is Zapata AI’s vision, technology and capabilities that set it apart and make us most excited about the company’s promising future.”
Bill Sandbrook, Co-CEO of Andretti Acquisition Corp., commented, “It was a pleasure working with Christopher and the rest of Zapata AI’s talented team throughout the course of this business combination. In our view, there is no other company – private or public – in the burgeoning AI space that is quite like Zapata AI given how its in-depth quantum research has set its generative AI solutions apart. This differentiation is what makes the company able to build an enviable customer roster and attract sustained strong interest from potential future customers. As shareholders, we will continue to offer the company our full support as it pursues its strategic growth plans.”
Matt Brown, President and CFO of Andretti Acquisition Corp. remarked, “We are proud of the role Andretti Acquisition Corp. played in bringing Zapata AI to the public market. When we launched our IPO, we endeavored to find a business with best-in-class leadership and next-generation technologies capable of creating long-term value, and we believe Zapata AI checks all of those boxes. With a global salesforce in the U.S. , Europe and Asia , we are confident Zapata AI is primed to drive enterprise customer acquisition and be a leader in growing this new and groundbreaking market.”
Advisors
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC (“CCM”), served as exclusive financial advisor and lead capital markets advisor to Andretti Acquisition Corp. The Benchmark Company, LLC (“Benchmark”) also served as financial advisor to Zapata AI. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Andretti Acquisition Corp. Foley Hoag LLP served as legal counsel to Zapata AI.
About Zapata AI
Zapata AI is an Industrial Generative AI company, revolutionizing how enterprises solve complex problems with its powerful suite of Generative AI software. By combining numerical and text-based solutions, Zapata AI empowers industrial-scale enterprises and government entities to leverage numerical generative models and large language models better, faster, and more efficiently—delivering solutions to drive growth, cost savings, and operational insight. With proprietary data science and engineering techniques and the Orquestra® platform, Zapata AI is accelerating Generative AI’s impact across industries. The Company was founded in 2017 and is headquartered in Boston, Massachusetts . For more information on Zapata AI, please visit www.zapata.ai .
About Andretti Acquisition Corp.
Andretti Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a business combination with one or more businesses or entities. Two key members of the team are racing legends Mario and Michael Andretti. To learn more, visit: https://www.andrettiacquisition.com/ .
Forward-Looking Statements
Certain statements made herein are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future events, the estimated or anticipated future results and benefits of the combined company following the business combination, including future opportunities for the combined company, and other statements that are not historical facts. These statements are based on the current expectations of Andretti Acquisition Corp.’s and Zapata AI’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. These statements are subject to a number of risks and uncertainties regarding Zapata AI’s businesses, and actual results may differ materially. These risks and uncertainties include, but are not limited to, failure to realize the benefits expected from the business combination; a decline in the price of the combined company’s securities if it fails to meet the expectations of investors or securities analysts; Zapata AI’s ability to attract new customers, retain existing customers, and grow; competition in the generative AI industry; Zapata AI’s ability to raise additional capital on non-dilutive terms or at all; Zapata AI’s ability to improve its operational, financial and management controls; Zapata AI’s failure to maintain and enhance awareness of its brand; increased costs associated with operating as a public company; protection of proprietary rights; intellectual property infringement, data protection and other losses; and those factors discussed in Andretti’s definitive proxy statement/prospectus, filed with the Securities and Exchange Commission (the “SEC”) on January 29, 2024, and other documents of Andretti Acquisition Corp. filed, or to be filed, with the SEC.
If any of these risks materialize or if assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Andretti Acquisition Corp. or Zapata AI presently do not know or that Andretti Acquisition Corp. or Zapata AI currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. While Andretti or Zapata AI may elect to update these forward-looking statements at some point in the future, Andretti or Zapata AI specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Andretti’s or Zapata AI’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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Zapata AI
press@zapata.ai
investors@zapata.ai
Andretti Acquisition Corp.
pr@andrettiacquisition.com
ir@andrettiacquisition.com
Source: Andretti Acquisition Corp
What is the new ticker symbol for Zapata AI on the Nasdaq stock exchange?
Zapata AI's new ticker symbol on the Nasdaq stock exchange is 'ZPTA'.
Who did Zapata AI complete a business combination with?
Zapata AI completed a business combination with Andretti Acquisition Corp.
Which industries do Zapata AI's generative AI solutions target?
Zapata AI's generative AI solutions target industries like telecommunications, financial services, transportation, biotech, automotive, manufacturing, defense, and government.
Which companies are among Zapata AI's customers?
Zapata AI's customers include SMTB, BBVA, BP, DARPA, and Andretti Global.
What are the two main offerings of Zapata AI's generative AI solutions?
Zapata AI offers Zapata AI Sense™, a numerical computational solution, and Zapata AI Prose™, a text-based large language model solution.
