On Monday, MongoDB, Inc MDB announced it had acquired Voyage AI, which powered advanced AI applications.
Integrating Voyage AI’s technology with MongoDB will enable organizations to build credible, AI-powered applications quickly.
MongoDB told Bloomberg that the purchase consideration was $220 million under a cash-and-stock deal.
Voyage AI’s advanced embedding and reranking models enable applications to extract meaning from highly specialized and domain-specific text and unstructured data ranging from legal and financial documents to images, code and enterprise knowledge bases.
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AI innovators like Anthropic, LangChain, Harvey and Replit leveraged Voyage AI’s models.
MongoDB held $2.3 billion in cash and equivalents as of October 31, 2024.
Reportedly, Snowflake Inc SNOW and Databricks Inc invested in Voyage AI in 2024.
Gartner expects global semiconductor revenue to reach $626 billion in 2024, up 18.1%. Graphics processing units (GPUs) and AI processors for data center applications were the key drivers for the chip sector in 2024.
Gartner expects the revenue to reach $705 billion in 2025, backed by demand for AI and generative AI (GenAI) workloads.
MongoDB stock plunged 42% in the last 12 months. In December, the company announced that COO and CFO Michael Gordon would depart on January 31, 2025. Serge Tanjga will take over as interim CFO beginning February 1, pending a replacement.
Price Action: MDB stock is down 3.72% at $263.05 at last check Monday.
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