Leading Japanese Bank to apply Industrial
Generative AI to simulate financial scenarios and more accurately
price derivatives and value adjustments.
Zapata Computing, Inc. (“Zapata AI”) and Sumitomo Mitsui Trust
Bank, Limited (“SuMiTB”) today announced the start of a new
collaboration to model financial time series data using generative
AI enhanced with quantum science. The work will be done on Zapata
AI’s Orquestra® platform for developing and deploying Industrial
Generative AI applications and leverage the capabilities of Zapata
AI Sense™, the company’s suite of algorithms and models to enhance
analytics and other data-driven applications.
Zapata AI and SuMiTB will research and develop generative AI
applications that generate financial time series data for practical
purposes, including:
- Simulating plausible scenarios about future market movements.
These scenario simulations will enable traders and investors to
make decisions more accurately and more quickly.
- Helping risk managers conduct more sophisticated stress tests
and supporting derivative traders to better hedge their
portfolios.
- Enabling more efficient and trustworthy derivative pricing
calculations and value adjustments, or XVAs.
“We couldn’t be more excited to collaborate with SuMiTB,” said
Christopher Savoie, CEO and co-founder of Zapata AI. “As one of the
world’s largest financial institutions, SuMiTB has always been an
innovator and early adopter of advanced technologies. Generative AI
represents the next frontier in financial analytics, and we are
looking forward to helping SuMiTB maximize the impact of this new
technology.”
Recent advances in generative AI have made it possible to more
accurately model complex relationships between variables and use
these models to generate new datasets. Zapata AI’s quantum
techniques, originating from quantum physics, are expected to
enhance these models further, especially when many factors must be
considered, as is often the case with financial calculations.
“Generative AI presents promising opportunities to enhance
complex analytics and simulations, with applications far beyond the
text and image generation it is best known for,” said Hiroshi
Matsumoto, Executive Officer and Joint Officer in charge of Global
Markets Business at SuMiTB. “Zapata AI has been a leading innovator
in quantum techniques for generative AI, and we’re looking forward
to harnessing their technology for the highly complex problems we
face in the financial services sector.”
The Orquestra platform will enable SuMiTB to test and run their
generative AI applications on various hardware backends, including
quantum processors. While the timeline to quantum advantage (the
point where a quantum computer can solve a practical problem faster
than by a classical computer) is still unclear, this hardware
access will enable SuMiTB to explore which quantum devices could be
applied to their applications in the future and how to integrate
these devices with their existing computing infrastructure.
In addition to scenario simulation and derivative pricing,
Zapata AI’s Sense offering also includes other capabilities for
financial services, such as combinatorial optimization, anomaly
detection, and a faster alternative to Monte Carlo simulations.
About Zapata AI
Zapata AI is the Industrial Generative AI company,
revolutionizing how enterprises solve their hardest problems with
its powerful suite of Generative AI software. By combining
numerical and text-based solutions, Zapata AI empowers enterprises
to leverage large language models and numerical generative models
better, faster, and more efficiently—delivering solutions to drive
growth, savings and unprecedented insight. With proprietary science
and engineering techniques and the Orquestra® platform, Zapata AI
is accelerating Generative AI’s impact in Industry. The Company was
founded in 2017 and is headquartered in Boston, Massachusetts. On
September 6, 2023, Zapata AI entered into a definitive business
combination agreement with Andretti Acquisition Corp. (NYSE: WNNR),
the consummation of which, subject to customary closing conditions,
will result in Zapata AI becoming a publicly listed company on the
New York Stock Exchange. To learn more, visit:
https://www.zapata.ai
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circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
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These statements are subject to a number of risks and uncertainties
regarding Zapata AI’s businesses and the transaction, and actual
results may differ materially. These risks and uncertainties
include, but are not limited to, ability to meet the closing
conditions to the transaction, including approval by stockholders
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and the risk that regulatory approvals required for the transaction
are not obtained or are obtained subject to conditions that are not
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the transaction within the period permitted under its governing
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proposed transaction; a decline in the price of Andretti
Acquisition Corp’s securities following the transaction if it fails
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amount of redemption requests made by Andretti Acquisition Corp.’s
public stockholders; the ability of Andretti Acquisition Corp. or
the combined company to issue equity or equity-linked securities in
connection with the transaction or in the future; the effects of
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Zapata AI’s indebtedness; other consequences associated with
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Zapata AI’s ability to raise additional capital; the successful
integration of potential targets, products, or technologies; Zapata
AI’s ability to improve its operational, financial, and management
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protection of proprietary rights; intellectual property
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requirements; risks of implementing controls and procedures
required for public companies following the transaction; and the
ability of Zapata AI’s or the combined company to issue equity or
equity-linked securities with the proposed business combination or
in the future; and those factors discussed in Andretti Acquisition
Corp.’s Form 10-K for the year ended December 31, 2022, under Risk
Factors in Part I, Item 1A and other documents of Andretti
Acquisition Corp. filed, or to be filed, with the SEC.
If any of these risks materialize or if assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that Andretti Acquisition Corp. or Zapata AI
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currently believe are immaterial that could also cause actual
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Andretti Acquisition Corp.’s or Zapata AI’s expectations, plans, or
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that subsequent events and developments will cause their
assessments to change. However, while Andretti Acquisition Corp. or
Zapata AI may elect to update these forward-looking statements at
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