Trending in the latest marketing tech news is data analysis firm being acquired by AI giant Empirical Systems.
Artificial intelligence is a concept that has become popular in recent years. As a result, when Tableau came into the market in 2003, the audience did not consider AI as a major factor for driving analytics and visualization. But the company learned and found ways to keep up with all the latest trends and as a result ended up acquiring Empirical Systems, an early-stage startup with AI roots.
Empirical was founded in 2016 because of research conducted at the MIT Probabilistic Computing Project on automated statistics. The company has managed to raise $2.5 million from the year of its inception. “Empirical is an analytics engine that automatically models structured, tabular data like spreadsheets, tables, or CSV files as well as allows those models to be queried in order to uncover statistical insights in data” is one of the highlights mentioned on the company’s website.
Tableau associated with Empirical Systems back when its product was still in the Beta phase. Empirical’s product is like an engine embedded inside other applications. This perfect suits Tableau’s analytics platform. Along with that, Empirical Systems’s engineering team will also be coming on board which will give Tableau a better perspective about AI.
Tableau’s chief product officer, Francois Ajenstat was of the opinion that, “automatic insight generation will enable people without specialized data science skills to easily test different assumptions, identify areas for further exploration, simulate hypothetical situations well as spot trends in their data. This will give more people in the business the ability to automate findings and conduct trend analysis”.
Democratizing data analysis is the common vision shared by both companies is what the CEO of Empirical Systems, Richard Tibbetts expressed. He further went on to explain that they developed Empirical with the idea of making complex data modelling and sophisticated statistical analysis more accessible. Thus helping individuals to make more data-driven decisions having a strong basis of analysis irrespective of individuals having technical skills.
Tableau has its headquarters in Seattle while Empirical Systems plans to establish a new office in Cambridge, Massachusetts.
For more information and updates on the latest tech news, keep reading iTMunch.