BOSTON (November 29, 2023) — Zapata Computing, Inc. (“Zapata AI”) and Sumitomo Mitsui Trust Bank, Limited (“SuMiTB”) today announced the start of a new collaboration to model financial time series data using generative AI enhanced with quantum science. The work will be done on Zapata AI’s Orquestra® platform for developing and deploying Industrial Generative AI applications and leverage the capabilities of Zapata AI Sense™, the company’s suite of algorithms and models to enhance analytics and other data-driven applications.
Zapata AI and SuMiTB will research and develop generative AI applications that generate financial time series data for practical purposes, including:
“We couldn’t be more excited to collaborate with SuMiTB,” said Christopher Savoie, CEO and co-founder of Zapata AI. “As one of the world’s largest financial institutions, SuMiTB has always been an innovator and early adopter of advanced technologies. Generative AI represents the next frontier in financial analytics, and we are looking forward to helping SuMiTB maximize the impact of this new technology.”
Recent advances in generative AI have made it possible to more accurately model complex relationships between variables and use these models to generate new datasets. Zapata AI’s quantum techniques, originating from quantum physics, are expected to enhance these models further, especially when many factors must be considered, as is often the case with financial calculations.
“Generative AI presents promising opportunities to enhance complex analytics and simulations, with applications far beyond the text and image generation it is best known for,” said Hiroshi Matsumoto, Executive Officer and Joint Officer in charge of Global Markets Business at SuMiTB. “Zapata AI has been a leading innovator in quantum techniques for generative AI, and we’re looking forward to harnessing their technology for the highly complex problems we face in the financial services sector.”
The Orquestra platform will enable SuMiTB to test and run their generative AI applications on various hardware backends, including quantum processors. While the timeline to quantum advantage (the point where a quantum computer can solve a practical problem faster than by a classical computer) is still unclear, this hardware access will enable SuMiTB to explore which quantum devices could be applied to their applications in the future and how to integrate these devices with their existing computing infrastructure.
In addition to scenario simulation and derivative pricing, Zapata AI’s Sense offering also includes other capabilities for financial services, such as combinatorial optimization, anomaly detection, and a faster alternative to Monte Carlo simulations.
About Zapata AI:
Zapata AI is the Industrial Generative AI company, revolutionizing how enterprises solve their hardest problems with its powerful suite of Generative AI software. By combining numerical and text-based solutions, Zapata AI empowers enterprises to leverage large language models and numerical generative models better, faster, and more efficiently—delivering solutions to drive growth, savings and unprecedented insight. With proprietary science and engineering techniques and the Orquestra® platform, Zapata AI is accelerating Generative AI’s impact in Industry. The Company was founded in 2017 and is headquartered in Boston, Massachusetts. On September 6, 2023, Zapata AI entered into a definitive business combination agreement with Andretti Acquisition Corp. (NYSE: WNNR), the consummation of which, subject to customary closing conditions, will result in Zapata AI becoming a publicly listed company on the New York Stock Exchange. To learn more, visit: https://www.zapata.ai
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