Experts say that McKinsey’s purchase of Iguazio signals that the enterprise-focused sector of the AI market is becoming increasingly important. Iguazio specializes in creating AI platforms that can help businesses automate their operations and make better decisions.
The McKinsey acquisition of Iguazio is a noteworthy move as the consulting giant invests in technologies that may help it bolster its QuantumBlack platform. By bringing on Iguazio’s team of experts in data science and machine learning, McKinsey may be able to provide its clients with more innovative solutions to their pressing business problems.
Given the burgeoning demand for AI in business, it’s no surprise that there are a range of companies trying to stake their claim as the “best fit” for this technology. Among these contenders is Iguazio, which was praised by McKinsey as offering the best possible solution to accelerating AI development and production. The two companies will eventually be fully integrated, combining the best of both worlds (with any luck).
Iguazio has been able to develop a cutting-edge technology and put it to use with some of the biggest names in the business. This has garnered them critical acclaim and leads to prosperous future prospects.
Iguazio offers a SaaS platform that helps organizations process payments and settlement. The company’s customers include Payoneer, which uses Iguazio to connect with banks and other financial institutions. Iguazio was co-founded by Asaf Somekh, Orit Nissan-Messing, Yaron Haviv and Yaron Segev in 2014. Prior to founding Iguazio, the four men served in senior roles at XtremIO (acquired by EMC), XIV (acquired by IBM), Mellanox (acquired by Nvidia) and Radvision (acquired by Avaya). The company has since developed a SaaS platform that helps organizations process payments and settlement.
The product suite of Iguazio tries to automate machine learning pipelines steps by collecting data preps online or offline, and then streaminglining the process for faster deployment. Along with this, the company attempts to scale, tune and deliver models continuously with rolling upgrades, A/B testing and logging and monitoring features.
After the acquisition, Iguazio will continue to operate as an independent company, but with a new headquarters in Denver. The move is likely a response to Colorado’s booming tech scene and its strong support for startups.
MLOps are growing in popularity due to their potential totransform how businesses operate. By one estimation, the market for MLOps could reach $4 billion by 2025. This growth is likely due to the popularity of ChatGPT, which has already generated a revenue of $1.5 billion. MLOps offer benefits such as faster decision making and improved communication between employees and executives. They can also reduce errors and improve efficiency
In 2021, startups were racing to become the go-to provider of space technology. These companies sought to capitalize on the growing interest in space exploration and reduce dependence on Earth. Some of these startups raised significant funding from VCs, demonstrating their commitment to this growing market sector.
The acquisition of Iguazio would not have happened if it weren’t for the current market conditions. With companies feeling pressure to trim costs, McKinsey saw this as its opportunity to expand in Israel and add an experienced team that could help grow QuantumBlack in the near future.
The Tel Aviv tech scene is quickly gaining recognition as one of the most exciting in the world. With expertise in a wide range of fields, Tel Aviv’s technologists are well-equipped to help companies succeed. McKinsey partner Matt Fitzpatrick believes that attracting exceptional talent and expanding our tech ecosystem will enable us to welcome colleagues from around the globe to our thriving community. This will allow us to share our knowledge and increase collaboration among fellow innovators, promoting growth and innovation across all sectors of Israeli economy.
With its recent acquisitions in the data analytics space, McKinsey is broadening its range of services to better address the needs of businesses. The firm’s focus on building tech stack infrastructure and data architecture and engineering help firms strive for digital transformation. This approach allows companies to consolidate their information and make more effective decisions based on analytics.
