- Myst’s AI platform offers a workflow so that data science teams can build, deploy, and maintain highly accurate forecasting models based on time series data in minutes.
- Snowflake hasn’t said much about the acquisition, like when it will close or how it will be integrated into the data cloud, but the deal shows that the company is still committed to the data science community.
Snowflake, a data cloud company, has signed a final agreement to buy Myst, a time series forecasting company in California. No information was disclosed about how much money was involved in the deal.
Snowflake has worked very hard over the past year to grow its data cloud. The Montana-based company has been working on making the platform more open to Machine Learning (ML), and this deal is a step in the right direction.
Why is Myst Important to Snowflake?
Myst has an AI platform with a workflow that allows data science teams to build, deploy, and maintain highly accurate forecasting models based on time series data in minutes.
Time series data, also called time-stamped information, is a list of data points organized over a specific timeframe. These data points are measurements taken at regular intervals from the same source.
For example, the movement of stock prices over time. With this deal, Myst’s team will join Snowflake, which is expected to improve its data cloud with time-series forecasting so that teams can use their past data to look ahead.
In a blog post, Snowflake’s SVP of engineering, Greg Czajkowski, stated, “Time series forecasting is one of the most applied data science techniques in business. It is used extensively in supply chain management, inventory planning, and finance. Accurate forecasts can establish measurements to guide management, facilitate planning and goal setting, and help mitigate risk”.
He said that the application of time series forecasting is widespread across sectors.
No Disclosure from Snowflake
Snowflake hasn’t said much about the acquisition, like when it will close or how it will be integrated into the data cloud, but the deal shows that the company is still committed to the data science community.
Snowflake currently supports eight workloads: data warehouse, data engineering, data lake, data sharing, data apps, data science, and unistore and cybersecurity.
Before this, the company bought a platform for understanding documents called Applica and an open-source app framework called Streamlit. The company has more than 7,000 business customers.