The deal comes at a time when the business potential for artificial intelligence software has attracted massive interest from the world's largest investors, as the popularity of futuristic chatbots like ChatGPT has surged in recent months.
Artificial intelligence and machine learning startups globally have raised about $12.1 billion so far this year, according to PitchBook.
"What we're doing is helping every company create their own ChatGPT that is 100% accurate with its enterprise data and content", said iLearningEngines CEO Harish Chidambaran in an interview. Based in Bethesda, Maryland, iLearningEngines supplies companies with personalized training materials using AI-powered automation tools and software. It provides services to companies in various sectors including healthcare, education, energy and transportation.
Arrowroot Acquisition Corp raised $290 million through its
initial public offering in 2021, with the aim of merging with
companies in the enterprise software sector.
After the deal closes, the combined company will be named
iLearningEngines, Inc and will trade on Nasdaq under the ticker
"AILE".
Cooley LLC and Goodwin Procter LLP were the legal advisers
on the deal.
(Reporting by Echo Wang in New York; Editing by Anirban Sen,
Grant McCool and Deepa Babingtong)
