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 Databricks strikes $1.3 billion deal for generative AI startup MosaicML

By Tiyashi Datta and Krystal Hu

June 26, 20234:53 PM GMT+1Updated 2 months ago





[1/2]AI (Artificial Intelligence) letters are placed on computer motherboard in this illustration taken, June 23, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing Rights




June 26 (Reuters) - Databricks said on Monday it had agreed to acquire artificial intelligence (AI) startup MosaicML in a mostly stock deal valued at $1.3 billion, marking Databricks` latest efforts to build an ecosystem for enterprises to use open-source AI models.


The deal comes at a time when AI is dominating the tech industry, with rapid AI thrusts coming from big tech, including Alphabet's Google (GOOGL.O) and Microsoft Corp (MSFT.O), and venture capital investors pouring billions into funding AI startups in recent months.


San Francisco-based MosaicML provides software tools designed to make it cheaper to carry out AI work, which often involves training AI algorithms on huge troves of data using expensive computer chips. The company makes money selling the tools to firms that want to develop their own customized AI systems.


Databricks said the deal would combine its AI technology with MosaicML's language-model platform, allowing businesses a "simple, fast way to retain control, security, and ownership over their valuable data without high costs".


Databricks, which sells software tools for building AI systems, has been an advocate for open-source models, which it argues could rival the models players like OpenAI and Google are offering.


Both Databricks and MosaicML have released open-source foundation models, which is the category of core technology behind services like OpenAI's ChatGPT.


Founded in 2021, MosaicML has raised $64 million to date from investors including Lux Capital and DCVC.


Reporting by Tiyashi Datta in Bengaluru and Krystal Hu in Toronto; Editing by Pooja Desai and Mark Potter


Our Standards: The Thomson Reuters Trust Principles.



Krystal Hu

Thomson Reuters


Krystal reports on venture capital and startups for Reuters. She covers Silicon Valley and beyond through the lens of money and characters, with a focus on growth-stage startups, tech investments and AI. She has previously covered M&A for Reuters, breaking stories on Trump's SPAC and Elon Musk's Twitter financing. Previously, she reported on Amazon for Yahoo Finance, and her investigation of the company's retail practice was cited by lawmakers in Congress. Krystal started a career in journalism by writing about tech and politics in China. She has a master's degree from New York University, and enjoys a scoop of Matcha ice cream as much as getting a scoop at work.






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