Zapata AI and Andretti Acquisition Corp. Announce Closing of Business Combination
BOSTON and INDIANAPOLIS, March 28, 2024 — 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.
Source: Zapata AI
