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Snowflake acquires search startup Neeva
Snowflake, a cloud data management solution company, has announced its acquisition of Neeva, a search startup. Neeva had been working on a standalone generative AI search application called Gist, but recently shut down its consumer search to focus on enterprise search offerings. The companies did not disclose the financial terms of the acquisition.
The synergies of the acquisition
Snowflake co-founder and VP of products, Benoit Dageville, explained the synergy between the two companies in a blog post. He said, “The ability for teams to discover precisely the right data point, data asset or data insight is critical to maximizing the value of data”. Neeva’s generative AI search capabilities, which allow users to ask questions and interact with the search tool, drew Snowflake’s interest in the startup.
Neeva’s background and previous funding
Neeva was co-founded by two former Google employees, who aimed to create an ad-free search tool that solved privacy issues. The startup raised over $77 million since its inception in 2019, with investors such as Sequoia and Greylock.
Future of search offerings with Snowflake
Neeva’s founders will join Snowflake to build AI search solutions on top of the cloud data management solution. Although the dream of building a Google competitor may have ended with Neeva’s decision to focus on enterprise search, its technology may live on in future Snowflake search solutions.
FAQ
What is Snowflake?
Snowflake is a cloud data management solution company that enables data storage, processing, and analysis in the cloud.
What is Neeva?
Neeva is a search startup that aimed to create an ad-free and privacy-focused search tool.
What were Neeva’s generative AI search capabilities?
Neeva’s generative AI search capabilities allowed users to ask questions and interact with the search tool.
Why did Neeva shut down its consumer search offerings?
Neeva shut down its consumer search to focus on enterprise search offerings.
How much funding did Neeva raise?
Neeva raised over $77 million since its inception in 2019. Investors included Sequoia and Greylock.
What is the future of search offerings with Snowflake?
Neeva’s founders will join Snowflake to build AI search solutions on top of the cloud data management solution.
Conclusion
Neeva’s acquisition by Snowflake indicates Snowflake’s intent to expand its search capabilities using Neeva’s generative AI search technology. While Neeva may have shut down its consumer search offerings, its technology may live on in future Snowflake search solutions. Snowflake’s acquisition of Neeva underscores the importance of search in discovering precise data points, data assets and data insights, critical in maximizing the value of data.
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