Zapata AI, an industrial generative artificial intelligence software company, is set to begin trading on Monday, April 1, on Nasdaq after it completed its merger with special purpose acquisition company Andretti Acquisition (NYSE: WNNR).
The combined entity will operate as Zapata AI and list its common stock and warrants on Nasdaq using the ticker symbols “ZPTA” and “ZPTAW,” respectively, the companies said in a joint release Thursday.
Zapata AI helps government and enterprise customers, including the Defense Advanced Research Projects Agency, Andretti Global, Sumitomo Mitsui Trust Bank and BASF, address industrial-scale operational challenges through its generative AI tools, including the numerical computational platform Zapata AI Sense and text-based large language model offering Zapata AI Prose.
The company’s generative AI tools are enabled by its Orquestra reference architecture and run through its Sensor Intelligence Platform designed to process large volumes of live streaming sensor data to deliver insights at the edge and in mission-critical environments.
“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,” said Christopher Savoie, CEO of Zapata AI.
“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,” Savoie added.
Cohen & Company Capital Markets acted as exclusive financial adviser and lead capital markets adviser to Andretti Acquisition. Paul, Weiss, Rifkind, Wharton & Garrison served as SPAC’s legal counsel in the transaction.
The Benchmark Co. and Foley Hoag served as financial adviser and legal counsel, respectively, to Zapata AI.
