McKinsey & Company today announced that it has acquired Tel Aviv-based AI and Machine Learning startup Iguazio. This is McKinsey's first acquisition in Israel.
No financial details were disclosed but Iguazio, founded in 2014 by CEO Asaf Somekh, CTO Yaron Haviv, VP architecture Orit Nissan Messing, and VP product Yaron Segev has raised $72 million to date, according to Start-Up Nation Central.
McKinsey says that the acquisition will enable it to accelerate and scale AI deployments with the addition of Iguazio’s technology and a team of over 70 data and AI experts. McKinsey senior partner Ben Ellencweig and QuantumBlack global leader of alliances and acquisitions says, "After analyzing more than 1000 AI companies worldwide, Iguazio was identified as the best fit to help us significantly accelerate our AI offering - from the initial concept to production, in a simplified, scalable and automated manner. By joining forces with Iguazio, we can now deepen the unparalleled, disruptive, end-to-end AI capabilities we offer to our clients."
Working with Iguazio, McKinsey's QuantumBlack AI decision making says it will now be able to provide clients with industry-specific AI solutions that are five times more productive, eight times faster from proof-of-concept to production and twice as reliable.
Somekh said, "McKinsey’s experience and QuantumBlack’s technology stack and expertise, now coupled with Iguazio, is the ultimate solution for enterprises looking to scale AI initiatives in a way that directly impacts their bottom line."
Published by Globes, Israel business news - en.globes.co.il - on January 23, 2023.
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