June 29, 2023
Companies like Databricks, Thomson Reuters, Salesforce Ventures, Accenture, and PwC US are aggressively battling for artificial intelligence (AI) domination by acquiring and investing in AI companies to strengthen their own capabilities and offerings.
Databricks made news when it announced the $1.3 billion acquisition of MosaicML, a two-year-old startup specialized in open-source AI models. Similarly, Thomson Reuters has agreed to purchase Casetext, a legal AI aide, for a whopping $650 million.
Accenture, another industry participant, has completed its acquisition of Flutura, an AI services company located in Bangalore, India. Flutura specializes in offering artificial intelligence solutions to sectors such as energy, chemicals, metals, mining, and pharmaceuticals.
Meanwhile, as part of their investment strategy, some IT behemoths are choosing for minority holdings in AI firms. Salesforce Ventures, for example, has more than increased the size of its generative AI fund to a whopping $500 million. Similarly, PwC US has committed to investing $1 billion over the next three years on AI initiatives and the upskilling of its large staff of 65,000 people.
The sources for this piece include an article in Axios.
