Iguazio, a leader in artificial intelligence and machine learning with headquarters in Tel Aviv, was purchased by McKinsey & Company, according to an announcement. With the addition of Iguazio’s technology and a staff of more than 70 data and AI specialists, McKinsey will be able to substantially expedite and scale AI deployments.
Utilizing the power of artificial intelligence (AI) is crucial for success in today’s cutthroat economy. From 2012 to 2021, businesses worldwide invested more than $490 billion in artificial intelligence, according to McKinsey research. However, only one in ten projects actually leave the lab, thus for the majority, the value of those expenditures has not yet been recognized.
With clients, QuantumBlack, AI by McKinsey has been working to tackle these issues head-on and integrate AI into real-time decision-making. The third component on which we have been working is a technological solution that will hasten the adoption of AI by integrating it into any setting in real time.
“After analysing more than 1000 AI companies worldwide, Iguazio was identified as the best fit to help us significantly accelerate our AI offering – from the initial concept to production, in a simplified, scalable and automated manner”, “By joining forces with Iguazio, we can now deepen the unparalleled, disruptive, end-to-end AI capabilities we offer to our clients.”
Ben Ellencweig, McKinsey senior partner and QuantumBlack global leader of alliances and acquisitions
With the help of Iguazio, QuantumBlack will soon be able to offer clients AI solutions tailored to their industry that are five times more efficient, eight times faster to go from proof-of-concept to production, and twice as reliable.
“McKinsey’s experience and QuantumBlack’s technology stack and expertise, now coupled with Iguazio, is the ultimate solution for enterprises looking to scale AI initiatives in a way that directly impacts their bottom line”, “We’re thrilled to join the McKinsey family and embark on this next chapter for Iguazio.”
Asaf Somekh, co-founder and CEO of Iguazio
“We are committed to unlocking the full potential of AI to help clients drive sustainable, inclusive growth. Today, as 90 percent of AI projects remain in the lab, there is a big opportunity”, “By combining Iguazio and QuantumBlack, we have now deepened the end-to-end offering that will allow us to embed AI in every important step of decision making in real time.”
Alexander Sukharevsky, senior partner and global co-leader of QuantumBlack
“By combining our people, technology, data assets and domain expertise, we are able to dramatically speed up, scale and productionize AI implementations, staying at the cutting edge of technology while maintaining reliability and scalability.”
Alex Singla, senior partner, and global co-leader of QuantumBlack
In Israel, McKinsey has now made its first acquisition. Iguazio will serve as the starting point for a new QuantumBlack location, which McKinsey expects to build and extend in the upcoming years as part of our dedication to servicing customers globally.