Databricks Acquires OpenAI Competitor, Thomson Reuters Buys Casetext and Pump to Save Up to 60 Percent on Your AWS Bill

Hello folks! 🙋We have the following updates for you today! 📣

• Databricks acquires MosaicML, an OpenAI competitor, for $1.3B.
• Thomson Reuters buys Casetext, an AI legal tech startup, for $650M.
• Pump to save up to 60 percent on your AWS bill.

Databricks Acquires MosaicML, an OpenAI Competitor, for $1.3B

Databricks, the esteemed Data and AI enterprise, has officially declared its intention to procure MosaicML, a prominent platform specializing in generative AI. The transaction value stands at approximately $1.3 billion.

MosaicML is a startup focused on neural networks. They offer an open-source platform for training language models and implementing generative AI tools.

MosaicML’s total valuation is just $222 million, including its last funding of around $64 million. The meaning is AI market is highly demanding, which makes MosaicML get the jump of 6x valuation.

The top AI company is OpenAI, whose valuation stands at $40 billion in its last round from Microsoft.

MosaicML’s MPT models, including MPT-7B and the new MPT-30B, enable organizations to build and train advanced models using their data efficiently. With 3.3 million downloads of MPT-7B, MosaicML has proven its effectiveness in this area. AI2, Generally Intelligent, Hippocratic AI, Replit, and Scatter Labs use MosaicML for various generative AI tasks.

Thomson Reuters Buys Casetext, an AI Legal Tech Startup, for $650M in Cash

Thomson Reuters, a renowned global content and technology company, acquires California-based legal tech company Casetext for $650 million in cash.

Thomson Reuters’ recent acquisition aligns with its AI roadmap and enhances its generative AI experiences. They also partnered with Microsoft to introduce Microsoft 365 Copilot, a plugin for legal professionals.

Casetext has 104 employees and over 10,000 customers from law firms and legal departments. It received $64 million in funding from Union Square Ventures and other sources before the acquisition.

The company has launched the CoCounsel tool, the world’s first legal assistant powered by GPT-4 that delivers efficient document review, research memos, deposition preparation, and contract analysis, all completed in minutes.

Pump to Save AWS Bill

Pump is an AI-powered platform that automates cloud savings without any input from the client. The fastest, safest, and cheapest platform to save up to 60 percent on your AWS bill. The company is trusted by more than 100 customers.

Pump optimizes your resources and AWS commitments in real-time, providing access to exclusive discounts typically offered to corporate entities. 

The company has raised a total of $1.5M in funding. It is a part of the YCombinator and AWS partner network.

Its algorithms optimize savings and performance by continuously strategizing and procuring the most efficient savings plans and reserved instances (RIs) on your behalf.

For more updates, check out the Latest Tech category.