AI Squared acquires open-source reverse ETL leader Multiwoven
AI Squared, a prominent technology provider specializing in integrating information into web-based business applications, has announced the acquisition of Multiwoven, the world’s leading open-source Reverse ETL (rETL) company. This acquisition, valued at nearly $14 million, comes on the heels of AI Squared’s Series A funding round led by ANSA Capital and NEA, signaling a rapid and strategic expansion of AI Squared’s capabilities in data integration.
Enhancing Data Movement and Integration
Reverse ETL processes involve moving structured data from data warehouses into daily business applications across sales, marketing, and advertising sectors. With the integration of Multiwoven’s rETL capabilities, AI Squared aims to enhance the efficiency with which organizations can integrate robust data and AI insights into their business operations. This move is expected to significantly improve the workflow augmentation capabilities of AI Squared’s enterprise offerings.
Commitment to Open-Source Development
In addition to incorporating Multiwoven’s technology into its services, AI Squared has committed to continuing the active development of Multiwoven’s open-source projects. This commitment emphasizes the importance of the open-source community in driving technological innovation and maintaining the rapid growth of the Connector ecosystem initiated by Multiwoven.
Leadership Integration and Future Prospects
Following the acquisition, the Multiwoven team will be integrated into AI Squared, with key Multiwoven founders assuming pivotal leadership roles within the organization. Sujoy Golan will take over as Chief Product Officer, Nagendra Dhanakeerthi will serve as Chief Technology Officer, and Subin Thattaparambil will become the Senior Vice President of Engineering.
Benjamin Harvey, Ph.D., founder and CEO of AI Squared, highlighted the synergy between AI Squared’s vision and the innovative spirit of the open-source community. He praised the role of open-source in fostering technological advances and expressed enthusiasm for the combined capabilities of AI Squared and Multiwoven in leading open-source rETL development.