Zapata Computing Holdings Inc. - ZPTA STOCK NEWS

Zapata AI and KPMG UK have successfully collaborated on enhancing a risk compliance model for a leading global insurance firm. The project, utilizing Zapata's generative AI and KPMG's actuarial expertise, optimized the client's risk, operations, and compliance modeling, reducing compute time by over 1,000 times while maintaining accuracy. This innovation allowed the client to transition from submitting approximations to actual finished calculations, ensuring compliance with regulatory requirements. Both companies are enthusiastic about the broad applicability of these transformative solutions across various industries facing similar computational challenges.

Zapata AI has announced its membership in the KT Consortium, a collaborative group of global chemical and biochemical manufacturers. This partnership allows Zapata AI to work with industry leaders such as Henkel, Mitsubishi Chemical, and Total Energy to advance chemical compound development using generative AI and quantum techniques. The consortium, which includes companies generating over USD $100 billion annually, aims to leverage Zapata AI's optimization, predictive modeling, and virtual sensor capabilities to enhance manufacturing processes. CEO Christopher Savoie highlighted the potential for transformative technology applications in the industry. Zapata AI's membership follows its history of successful collaborations with top-tier manufacturers and research in quantum algorithms. The KT Consortium focuses on state-of-the-art chemical and biochemical engineering methods, aiming to reduce costs and accelerate development timelines.

Zapata AI, listed on Nasdaq under the symbol ZPTA, published key findings from Phase II of DARPA's Quantum Benchmarking program.

The research, involving partners such as Rigetti Computing, USC, HRL Laboratories, and L3Harris, highlights the economic value and resource requirements for select transformative quantum computing use cases.

These applications include homogenous catalyst design, incompressible computational fluid dynamics, and correlated material simulation, each representing potential multi-million to billion-dollar value.

Zapata AI's involvement across all program tracks underscores its leadership in quantum computing.

Pre-prints of the research were released on June 10 and are available on arxiv.org.

The program, initiated in 2021, aims to apply scientific rigor in measuring quantum computing progress.

Phase II, continuing until March 2025, focuses on optimizing quantum algorithms and refining utility estimates.

Zapata AI has published a groundbreaking paper titled 'Early Fault-Tolerant Quantum Computing' in the esteemed journal PRX Quantum, offering a framework for utilizing today's imperfect quantum computers to solve future complex problems. The research, led by CTO Yudong Cao, bridges the gap between current noisy quantum devices and future fault-tolerant systems, introducing the concept of Early Fault Tolerant Quantum Computing (EFTQC). This publication marks a significant milestone, as it is the second time this year that Zapata AI's research has been featured in a prestigious journal, with a previous paper published in Nature Communications. The company also highlighted its leadership in quantum computing at the Qubits conference, discussing the integration of generative AI with quantum computing for industrial applications like drug discovery and financial services.

Zapata AI announced that Chief Revenue Officer Jon Zorio and Chief Technology Officer Yudong Cao will participate in panel discussions at the D-Wave Qubits Conference on June 17, 2024. Zorio will join the opening keynote at 8:30am EDT, hosted by Dr. Alan Baratz, CEO of D-Wave. Later, at 3:50pm EDT, Zorio and Cao will host a fireside chat moderated by Aaron Pressman of The Boston Globe. The sessions will cover Zapata AI's quantum and AI capabilities, industrial applications, and the company's partnership with D-Wave. The Qubits Conference is a leading event in quantum computing, featuring industry experts and real-world applications across various sectors.

Zapata Computing Holdings, trading on Nasdaq under ZPTA, announced an inducement grant under Nasdaq Listing Rule 5635(c)(4).

The Compensation Committee approved a nonstatutory stock option for Derron Blakely, newly appointed General Counsel, to purchase 300,000 shares of common stock at an exercise price of $0.841 per share. This price reflects the closing price on June 3, 2024.

The option vests 25% after the first year and the remaining 75% in equal monthly increments over the next three years, contingent on Blakely's continued employment. This grant is a key part of Blakely’s compensation package and acceptance of the role.

Zapata AI has appointed Derron Blakely as its new General Counsel. Blakely brings extensive experience in licensing, contracting, compliance, and administration from his previous roles in the AI, government, and defense sectors. His legal expertise is expected to support Zapata AI's expansion as a newly public company. Blakely previously served as General Counsel at C3.ai and Deputy General Counsel for Elbit Systems of America. He will replace Nicole Fitchpatric, who leaves for personal reasons on June 14. CEO Christopher Savoie expressed confidence in Blakely's ability to build a robust legal infrastructure to support the company's growth.

Zapata AI (NASDAQ: ZPTA) reported its financial results for Q1 2024, revealing a revenue of $1.22 million, down from $1.51 million in Q1 2023. The company posted an operating loss of $5.08 million, consistent with the previous year's $5.09 million. Cash used by operating activities dropped to $2.15 million from $5.32 million in Q1 2023. Cash and cash equivalents increased to $7.25 million from $3.33 million at the end of 2023. Notable business developments include a $1 million expansion agreement with Andretti Global, collaborations with Sumitomo Mitsui Trust Bank, D-Wave, and Tech Mahindra, and the successful application of a generative model on quantum hardware for cancer drug candidates. The company raised an additional $5.4 million post-Q1 2024.

Zapata AI announced a strategic partnership with Tech Mahindra to enhance network and customer operations for global telecom customers using quantum-based Industrial Generative AI. The collaboration aims to leverage Zapata AI's advanced generative AI solutions to boost Tech Mahindra's operational capabilities, focusing on network optimization, proactive maintenance, anomaly detection, and personalized customer interactions. The initiative targets significant operational efficiencies, cost savings, and improved customer satisfaction for Communication Service Providers (CSPs). This partnership will offer scalable AI-powered solutions for quicker deployment and better service quality, harnessing Tech Mahindra's telecommunications expertise and Zapata AI's cutting-edge technology.