Zapata AI Announces Significant Commercial Expansion with Andretti Global

Rhea-AI Summary

Zapata AI announces a significant commercial expansion with Andretti Global, securing a seven-figure booking and becoming Andretti's official AI Partner. The partnership aims to enhance technological innovation in support of Andretti's racing operations worldwide, leveraging Zapata's generative AI, machine learning, and optimization solutions. The expansion includes building an AI-ready database application to manage and update dynamic records for all previous Andretti racing configurations across various racing series, enabling real-time insights and operational efficiencies.

Positive

• Zapata AI secures a $1,000,000 commercial expansion with Andretti Global, contributing to significant quarter-over-quarter bookings growth.
• The partnership formalizes Zapata AI as Andretti's official AI Partner, focusing on delivering innovation and operational efficiencies across Andretti's global racing presence.
• Zapata AI will build an AI-ready database application to manage and update dynamic records for all previous Andretti racing configurations, enhancing race strategy and engineering teams' decision-making processes.
• The expansion includes co-branding and marketing efforts to enhance visibility around Andretti's innovation in INDYCAR® racing.
• Zapata AI's generative AI solutions have provided real-time race insights, contributing to Andretti's success on and off the track.
• The partnership expansion builds on the companies' existing relationship, aiming to unlock further value through advanced AI and optimization solutions.
• Zapata AI's work with Andretti demonstrates the impact of Industrial Generative AI across industries, showcasing the applicability of AI, machine learning, and optimization in dynamic environments.
• The partnership expansion marks a strategic commitment to support Andretti's competitive edge on the track and future expansion into new racing series.

Negative

• None.

The partnership expansion represents a seven-figure booking for Zapata AI, and will expand the scope of technological innovation in support of Andretti Global’s worldwide racing operation by leveraging Zapata’s generative AI, machine learning, and optimization solutions

BOSTON, April 17, 2024 (GLOBE NEWSWIRE) -- Zapata AI (Nasdaq: ZPTA), the Industrial Generative AI company, today announced a $1,000,000 commercial expansion, entered into on March 28, 2024, under its existing agreement with Andretti Global that expands the partnership and formally recognizes Zapata AI as Andretti’s official AI Partner. The Andretti expansion will contribute to significant, sequential quarter-over-quarter bookings growth for Zapata AI, and is one of numerous customer growth opportunities Zapata is pursuing in financial services, telecom, manufacturing, defense, logistics and other industries.

The new engagement expands Zapata AI’s work with Andretti’s engineering, operations, and race strategy teams with the goal of delivering significant innovation and operational efficiencies across Andretti’s global presence in multiple racing series, while helping build a foundation for expansion to future series. The announcement also marks an expansion of the companies' co-branding and marketing relationship to enhance visibility around Andretti’s efforts to remain on the cutting edge of innovation in INDYCAR^® racing.

“Zapata AI has been a valuable innovation partner supporting our strategy and engineering teams in pursuit of winning more races, and they have added value on and off the track as we enter our third race season together,” said Michael Andretti, CEO and Chairman at Andretti Global. “Zapata AI’s generative AI and technical expertise has helped us unlock real-time race insights that we didn’t think were possible. We’re looking forward to building on the foundation we’ve laid together, and we’re proud to have them as our official AI and Quantum Partner. The results we’ve seen so far have been impressive and we’re only just getting started.”

The newly announced engagement includes Zapata AI building an AI-ready database application to manage and update dynamic records for all previous Andretti racing configurations for every driver, in every race, across all Andretti racing series from current and prior seasons, including INDYCAR^®, INDY NXT, Formula E, Extreme E, IMSA Sportscar, Super Copa, and Supercars racing — in addition to supporting future, planned racing series. The innovative application will also inform Zapata AI models for other use cases the company is currently delivering for Andretti. The solution will provide Andretti race strategy and engineering teams with a detailed view and record of car performance in prior races and historical seasons, enabling the team to more efficiently optimize racing setups for future races.

“Every second counts in INDYCAR^® racing,” said Eric Bretzman, Technical Director at Andretti Global. “The insights we’ve seen with Zapata AI’s solutions allow us to make strategic decisions in planning sessions and on race day, and we can adjust that strategy in real time as the data comes in and race conditions change. Not only are they exposing us to the latest techniques in generative AI, machine learning, and optimization, they’re helping us deploy them trackside in our mobile Race Analytics Command Center in a way that works efficiently with our racing team. It's been powerful to see the Andretti team’s collective decades of racing experience validated and enhanced with the real-time applications we're building together.”

"We’re proud to expand our long-term commitment in support of our strategic partners at Andretti Global, as they maintain their competitive edge on the track, and as they expand their global footprint into future racing series,” said Christopher Savoie, co-founder and CEO of Zapata AI. “The work we’re doing with Andretti is a clear demonstration of the impact Industrial Generative AI can deliver across industries. The same challenges and dynamics Andretti faces in applying generative AI, machine learning, and optimization to vast amounts of streaming, real-time data, in a dynamic environment, can be found in many other industries — from telecom to advanced manufacturing, to financial services, to transportation, logistics and defense. Our ongoing work with Andretti, whether it's predicting yellow flags to modeling tire degradation or optimizing car set ups, are perfect analogous use cases in how Zapata AI leverages generative AI to accurately predict the future and enable better decision-making in real-time, even on the edge and in challenging industrial environments.”

Andretti and Zapata AI initially entered into a multi-year partnership in February 2022, including a brand sponsorship and a multi-million-dollar agreement to deploy and leverage Zapata AI’s platform, Orquestra^®, in search of race day performance advantage driven by advanced analytics and quantum techniques. Specifically, the teams have built and deployed advanced ML models to better understand tire degradation analysis, identify fuel savings opportunities, lap time prediction, and provide yellow flag predictive modeling.

A demonstration of Zapata’s yellow flag prediction capability, drawn from Andretti’s performance data in a 2024 INDYCAR^® race, can be found here.

To learn more about Zapata AI’s strategic partnership with Andretti, see the Andretti Global case study on Zapata AI’s website.

About Zapata AI

Zapata AI (Nasdaq: ZPTA) is the Industrial Generative AI company, revolutionizing how enterprises solve complex operational challenges with its powerful suite of generative AI software. By combining numerical and text-based generative AI models and custom software applications to power industrial-scale solutions, Zapata AI enables enterprises and government entities to drive growth, cost savings, and critical operational insights. With its proprietary data science and engineering techniques, and the Orquestra^® platform, Zapata AI is accelerating Generative AI’s impact across industries by delivering solutions which are higher performing, less costly, and more accurate than current systems. The Company was founded in 2017, spun out of Harvard University, and is headquartered in Boston, Massachusetts.

Forward-Looking Statements

Certain statements made herein are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding future events and other statements that are not historical facts. These statements are based on the current expectations of Zapata AI’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. These statements are subject to a number of risks and uncertainties regarding Zapata AI’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, failure to realize the benefits expected from the business combination; a decline in the price of the combined company’s securities if it fails to meet the expectations of investors or securities analysts; Zapata AI’s ability to attract new customers, retain existing customers, and grow; competition in the generative AI industry; Zapata AI’s ability to raise additional capital on non-dilutive terms or at all; Zapata AI’s ability to improve its operational, financial and management controls; Zapata AI’s failure to maintain and enhance awareness of its brand; increased costs associated with operating as a public company; protection of proprietary rights; intellectual property infringement, data protection and other losses; and other factors discussed in Zapata AI’s definitive proxy statement/prospectus, filed with the Securities and Exchange Commission (the “SEC”) on January 29, 2024, and other documents of Zapata AI filed, or to be filed, with the SEC.

If any of these risks materialize or if assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Zapata AI presently does not know or that Zapata AI currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. While Zapata AI may elect to update these forward-looking statements at some point in the future, Zapata AI specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Zapata AI’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts:

Media: press@zapata.ai

Investors: investors@zapata.ai

FAQ

What is the significance of the commercial expansion announced by Zapata AI with Andretti Global?

The commercial expansion represents a seven-figure booking for Zapata AI and formalizes the company as Andretti's official AI Partner, aiming to enhance technological innovation in support of Andretti's racing operations worldwide.

What is the goal of the partnership between Zapata AI and Andretti Global?

The partnership aims to deliver significant innovation and operational efficiencies across Andretti's global presence in multiple racing series by leveraging Zapata's generative AI, machine learning, and optimization solutions.

What application will Zapata AI build for Andretti Global as part of the partnership expansion?

Zapata AI will build an AI-ready database application to manage and update dynamic records for all previous Andretti racing configurations across various racing series, enabling real-time insights and operational efficiencies.

How has Zapata AI supported Andretti Global in their racing operations?

Zapata AI's generative AI solutions have provided real-time race insights, allowing Andretti to make strategic decisions in planning sessions and on race day, optimizing racing setups efficiently.

What industries can benefit from the work done by Zapata AI and Andretti Global?

The work done by Zapata AI and Andretti Global in applying generative AI, machine learning, and optimization can benefit industries such as telecom, advanced manufacturing, financial services, transportation, logistics, and defense.