Squirro Acquires Synaptica: A Strategic Fusion of Generative AI and Knowledge Graph Technologies

ZURICH--(BUSINESS WIRE)--Jul 16, 2024--

Squirro, a leading Swiss-headquartered global SaaS platform specializing in enterprise-ready generative AI, search, and business insights, proudly announces its acquisition of Synaptica, a renowned US-based SaaS provider of enterprise taxonomy management and knowledge graph systems.

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Squirro Acquires Synaptica: A Strategic Fusion of Generative AI and Knowledge Graph Technologies (Graphic: Business Wire)

This strategic acquisition integrates Synaptica’s robust semantic graph technology with Squirro’s cutting-edge generative AI capabilities, creating a powerful platform for knowledge discovery, conversational search, and business process automation.

Enhancing GenAI with Knowledge Graphs

Generative AI technologies, such as Retrieval Augmented Generation (RAG), leverage the strengths of traditional information retrieval combined with Large Language Models (LLMs), enabling natural language understanding and generation. RAG has swiftly become a sought-after solution, empowering enterprise users to ask natural language questions, retrieve relevant content and data, and transform it into contextually informative responses.

“RAG alone does not ensure the completeness and accuracy of information for mission-critical enterprise applications. Squirro quickly identified that this gap can be bridged by combining generative AI with enterprise knowledge graphs and semantic technology,” stated Dorien Selz, CEO of Squirro.

Synergizing Capabilities for Enhanced Enterprise Solutions

Synaptica’s SaaS platform is utilized by a diverse global customer base, including major corporations and government agencies, to manage enterprise knowledge, encompassing taxonomies, ontologies, and knowledge graphs.

“Our customers span various industries, but they all share a commitment to high-quality information retrieval. They use semantic technology to build knowledge organization systems, standardize and enrich metadata, and optimize precision and recall,” said Dave Clarke, co-founder of Synaptica. Clarke will join Squirro’s leadership team as Executive Vice President, Semantic Graph Technology.

Key Benefits of the Integration

The integration of Synaptica’s semantic graph technology into Squirro’s generative AI platform will enable organizations to:

1. Enhance RAG Information Accuracy and Completeness : Ground GenAI processes in transparent, human-editable knowledge models.
2. Automate Business Processes : Utilize process-oriented taxonomies and ontologies to guide RAG decision-making, ensuring appropriate refinement questions and recommended next steps.
3. Improve Content Classification and Semantic Search : Use single-source-of-truth enterprise taxonomies to provide consistent quality metadata across multiple content repositories.
4. Discover Latent Knowledge and Business Insights : Continuously enrich an enterprise knowledge graph that infers new knowledge from the semantic associations and similarities of entities.

“The Generative AI space is evolving at an unprecedented pace, and we are committed to providing a platform that empowers our customers to stay ahead,” said David Hannibal, CPO and Head of Corporate Development. “We will continue to drive innovation, with our first addition being knowledge graph enhanced Retrieval-Augmented Generation (RAG ). “

This acquisition marks a significant milestone for both companies, positioning them at the forefront of the rapidly evolving landscape of AI-driven knowledge management and business process automation.

About Squirro

Squirro is a global SaaS provider headquartered in Zürich, Switzerland, offering enterprise-ready generative AI, search, business insights and automation solutions. Our mission is to empower organizations with the tools they need to harness the full potential of their data through advanced AI technologies.

About Synaptica

Synaptica is a US-based SaaS provider specializing in enterprise taxonomy management and knowledge graph systems. Our solutions enable organizations to manage and leverage their knowledge assets, enhancing information retrieval and business process automation.

View source version on businesswire.com:https://www.businesswire.com/news/home/20240716513849/en/

CONTACT: David Hannibal

Chief Product Officer and Head of Corporate Development, Squirro

david.hannibal@squirro.comBrenda Christensen

Stellar PR

818/307-9942

brenda.christensen@stellar-pr.com

KEYWORD: SWITZERLAND EUROPE

INDUSTRY KEYWORD: SOFTWARE NETWORKS INTERNET ARTIFICIAL INTELLIGENCE DATA MANAGEMENT TECHNOLOGY OTHER TECHNOLOGY SECURITY

SOURCE: Squirro

PUB: 07/16/2024 06:00 AM/DISC: 07/16/2024 06:00 AM

http://www.businesswire.com/news/home/20240716513849/en