South Carolina based RANDOM AI acquired for $228MM
Columbia and Charleston technology startup acquired by a German venture arm.
- Columbia, SC (1888PressRelease) December 05, 2021 - RANDOM AI (dba), based in Columbia with operations in Charleston, SC has been acquired by a German enterprise cognitive computing company based in Berlin and Zurich. The move to acquire RANDOM AI’s assets including its technology, algorithms, data, all related intellectual property, engineering, and operations first started in June of 2021. The deal was finalized in early November of 2021 for €200MM.
The acquiring company is a venture arm funded by European corporate investors and partners in industrial manufacturing, logistics, travel, pharmaceuticals, airlines, retail, and financial services. The company’s mission is to deliver AI based solutions customized to each vertical and several functions for its corporate parents and partners.
Business relationship between the two entities started in May 2020 through a consulting services agreement. RANDOM AI’s proprietary technology and services helped the acquiring company reach its milestone on time exceeding performance metrics in early summer of 2021.
After a successful yearlong engagement, the acquiring company determined RANDOM AI’s proprietary technology along with valuable data in the order of several petabytes would shorten its development time by more than three years cumulatively to not only saving costs but also provide near insurmountable competitive advantage to its investors and partners.
The deal is expected to be completed in early January of 2022 while transition and hand over will continue into Q2 of 2022.
About RANDOM AI
RANDOM AI (dba) refocused its development due to the effect of pandemic on its core business. Random AI was spun off as a separate division to facilitate the sale of assets. Its senior management, operations teams are primarily located in Columbia and Charleston while the engineering team telecommute from various locations since its inception.
Media Contact:
Janet Green
PR & Communications Rep.
outreach ( @ ) random-ai dot com
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