BOSTON, May 14, 2024 (GLOBE NEWSWIRE) -- Zapata Computing Holdings Inc. (“Zapata AI” or the “Company”) (Nasdaq: ZPTA), the Industrial Generative AI company, today announced a strategic collaboration with Tech Mahindra (NSE: TECHM), a leading global provider of technology consulting and digital solutions to enterprises across industries. The companies will focus on offerings that leverage Zapata AI’s suite of quantum-based Generative AI solutions to augment Tech Mahindra’s capabilities, seeking to deliver solutions that achieve “Scale at Speed” to drive operational efficiencies and customer responsiveness for global Communication Service Providers (CSPs). The relationship will provide Zapata AI access to Tech Mahindra’s robust portfolio of global CSPs in order to market and deploy its powerful suite of Generative AI solutions.
The initial focus will be on combining Tech Mahindra's telecommunications domain expertise and Zapata AI’s cutting-edge generative AI technologies, seeking to transform telecom operations with the potential to re-shape the industry. The differentiated approach Zapata takes to Industrial Generative AI, with quantum-based algorithms, time series data, real-time analytics at the edge, and a practical deployment methodology, aims to unlock significant value for telcos across a broad range of mission critical use cases. The joint effort will look to introduce scalable, performance-enhancing generative AI-powered solutions such as network optimization, anomaly detection to prevent disruptions and intrusions, proactive network maintenance, personalized customer interactions, and lower-cost AI solutions that efficiently scale across large networks. CSPs can expect quicker deployment of new services, improved uptimes, lower cost to serve, optimized issue response, and tailored customer interactions that can adapt in real-time to changing consumer preferences. This is anticipated to improve the quality and reliability of services with superior customer satisfaction and loyalty, delivered with significant cost savings and operational efficiency.
“Accurately anticipating, predicting, and responding to service disruptions and high-traffic events, in addition to optimizing network and operations management, will help reduce a massive operating expense burden for telecom service providers,” said Christopher Savoie, CEO and co-founder of Zapata AI. “Tech Mahindra is recognized globally as a leading technology partner in the telecommunications industry, and we are proud to work alongside them to transform the operations of their customers. We look forward to continuing to demonstrate the power of our unique solutions, and to deepening our relationships with Tech Mahindra’s expansive network of global CSPs.”
The combined capabilities offered by Tech Mahindra and Zapata AI will help enable CSPs to enhance their operations and customer service strategies with greater flexibility and agility. Tech Mahindra's leadership in creating Large Language Models (LLMs) from the ground up, combined with Zapata’s expertise with quantum-based algorithms, tensor networks, time series data, and computational models, create new opportunities for CSPs to manage and expand their services with greater speed and efficiency.
“Tech Mahindra partnering with a company like Zapata AI is a compelling example of how we implement our 'Scale at Speed' philosophy,” said Abhishek Shankar, President of Communications Business in the Americas at Tech Mahindra. “Together, we are taking on major operational challenges for the largest CSPs in the world, working to transform the telecom landscape by providing Gen AI solutions which scale across large, complex networks, while improving service delivery and customer experience."
About Zapata AI
Zapata AI (Nasdaq: ZPTA) is the Industrial Generative AI company, revolutionizing how enterprises solve complex operational challenges with its powerful suite of generative AI software applications and cutting-edge reference architecture. By combining numerical and text-based generative AI models and custom software applications to power industrial-scale solutions, Zapata AI enables enterprises and government entities to drive growth, cost savings through operational efficiencies, and critical operational insights. With its proprietary data science and engineering techniques, and the Orquestra® platform, Zapata AI is accelerating Generative AI’s impact across industries by delivering solutions which are higher performing, less costly, and more accurate and expressive than current, classical approaches to AI. The Company was founded in 2017 and is headquartered in Boston, Massachusetts.
About Tech Mahindra
Tech Mahindra (NSE: TECHM) offers technology consulting and digital solutions to global enterprises across industries, enabling transformative scale at unparalleled speed. With 145,000+ professionals across 70+ countries helping 1100+ clients, TechM provides a full spectrum of services including consulting, information technology, enterprise applications, business process services, engineering services, network services, customer experience & design services, AI & analytics, and cloud & infrastructure services. It is the first Indian company in the world to have been awarded the Sustainable Markets Initiative’s Terra Carta Seal, in recognition of actively leading the charge to create a climate and nature-positive future. Tech Mahindra is part of the Mahindra Group, founded in 1945, one of the largest and most admired multinational federation of companies. For more information on how TechM can partner with you to meet your scale at speed imperatives, please visit https://techmahindra.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally are accompanied by words such as “aim,” “believe,” “may,” “will,” “intend,” “evolve,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “progress,” “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 anticipated interest by telecommunication companies in our offerings and the ability of our technology to transform the telecommunications industry. These statements are based on the current expectations of Zapata AI’s management and are not predictions of actual performance. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Risks and uncertainties that could cause our actual results to materially differ from those described in the forward-looking statements include, but are not limited to, (i) failure to realize the benefits expected from the business combination; (ii) our ability to successfully market and deploy our Generative AI solutions to telecommunications companies (iii) a decline in the price of our securities if we fail to meet the expectations of investors or securities analysts; (iv) our ability to attract new customers, retain existing customers, and grow; competition in the generative AI industry; (v) our ability to raise additional capital on non-dilutive terms or at all; (vi) our ability to improve our operational, financial and management controls; (vii) failure to maintain and enhance awareness of our brand; (viii) increased costs associated with operating as a public company; (ix) protection of proprietary rights; intellectual property infringement, data protection and other losses; and (x) other risks and uncertainties described in our filings with the Securities and Exchange Commission.
Contacts:
For Zapata AI
Media: press@zapata.ai
Investors: investors@zapata.ai
For Tech Mahindra
Abhilasha Gupta
Abhilasha.Gupta@TechMahindra.com; media.relations@techmahindra.com
