It appears that a Snowflake deal to acquire Neeva is ready to go, as the Mountain View-based search startup announced on Saturday that it will be shutting down its consumer search product and pivoting towards enterprise use cases of LLMs. This news follows reports from The Information that said the Monster-based Snowflake had signed a letter of intent to acquire Neeva and offer AI software services to enterprise clients.
Neeva was founded in 2019 with aim to take on Google’s search engine dominance. Recent advancements it has made have included citing sources and small model size reduction, latency reduction and inexpensive deployment. These are all features of great interest to large enterprises interested in using LLMs to ensure success.
Leading tech companies such as OpenAI, Scale AI, Stability AI and Cohere are researching ways to offer generative AI and other customizations to enterprises. According to EY global chief technology officer, Nicola Morini Bianzino, the “killer use case” of generative AI is in the area of enterprise knowledge management.
Neeva was co-founded by former senior Google advertising tech executives, including former Google SVP of ads and commerce Sridhar Ramaswamy. Ramaswamy and co-founder Vivek Raghunathan announced Neeva’s decision on Saturday, and said that they “will provide updates on the future of our work and our team in the next few weeks.”
Snowflake is a cloud-based data analytics platform that offers data analysis, storage and sharing to enterprise clients. It’s financial results for Q1 2021 are set to be announced this Wednesday, and its stock value saw an increase after news of the potential Neeva acquisition was released.
Neeva and Snowflake representatives have both declined to comment on the deal, only time will tell what will happen in the acquisition. CEOs of enterprise companies interested in using AI to optimize their businesses can join top executives in San Francisco to hear more about how leaders are using these services for success on July 11-12.
