New York, NY – July 27, 2023 – DataArt, a global software engineering firm, and KX, maker of the KDB.AI vector database, are thrilled to announce a strategic partnership aimed at addressing the most pressing customer challenges when migrating real-time analytics, machine learning (ML), and artificial intelligence (AI) workloads to the cloud.
Responding to a global AI market that is forecast to add up to $340bn annually to the global banking sector alone1, this alliance offers an attractive solution for firms looking to upgrade their data platforms, improve the aggregation, distribution, and governance of market and reference data, and supercharge their financial data management capabilities. Addressing the dual challenge of ballooning costs and lagging performance of data-intensive applications, DataArt’s deep experience in software engineering and support will enhance KX’s cloud-native, time series, and vector database technology, delivering up to 100x performance at 1/10th the cost.
The partnership will initially focus on the capital markets and financial services sectors. Still, plans are in place to extend this high-performance, cost-effective solution to other industries, including healthcare and life sciences, manufacturing, retail, telecommunications, and media and entertainment.
Leveraging the strengths of AWS, DataArt, an AWS Advanced Consulting Partner, and KX, with its recently launched AWS FinSpace managed service KDB Insights, plan to enable financial services clients to rapidly deploy full-scale KDB applications for market data processing, analytics, and AI workloads.
As businesses look to become real-time, intelligent enterprises, this partnership will help firms accelerate that journey, simplifying the complexity and reducing the costs that more than two-thirds of enterprises cite as major barriers to cloud migration2.
Sean Maloy, AWS Alliance Sales Lead at DataArt, highlighted the transformative potential of the partnership:
"Our extensive experience in cloud migration and transformation, coupled with our adept software engineers, will help KX’s clients innovate and deliver on their data and analytics swiftly, and at a fraction of the typical cost.”
James Corcoran, Chief Growth Officer at KX, added:
"Our partnership with DataArt means that customers can leverage the same technology that powers Wall Street within their cloud service, providing the infrastructure they need to fully exploit the capabilities of AI and ML while addressing their most pressing challenges."
DataArt offers a range of services to clients, including assessment and migration planning, cloud enablement services, custom software engineering and development, legacy modernization, AI and ML, data and analytics consulting services, among others.
For more information, please visit: https://www.dataart.com/services/ai-and-ml
2 https://www.gartner.com/en/doc/740799-break-down-3-barriers-to-cloud-migration
