Blaize Enters Definitive Merger with BurTech Acquisition Corp, Poised for Nasdaq Listing
EL DORADO HILLS, Calif., Jan. 2, 2024 -- Blaize, Inc., a provider of purpose-built, AI-enabled edge computing solutions, announced recently that it has entered into a definitive agreement to combine with BurTech Acquisition Corp. (BurTech), a publicly traded special purpose acquisition company.
Upon closing of the proposed transaction, Blaize will become a publicly traded company and is expected to be listed on Nasdaq under a new ticker symbol. The proposed transaction values Blaize at a pro forma enterprise value of $894 million.
Commenting on the merger, Blaize CEO and co-founder Dinakar Munagala stated: "This combination with BurTech is a landmark event for Blaize. It positions us perfectly to tackle the exciting challenges and global opportunities in AI computing and processors. We are grateful for the support of our long-term investors and the commitment from BurTech. This enables us to rapidly deploy our proprietary AI solutions across multiple geographies and play a prominent role in shaping the future of sustainable AI innovation.”
Blaize is a provider of full-stack, AI-enabled computing solutions across diverse and expanding markets, encompassing automotive, mobility, retail, security, industrial automation, healthcare and others that represent a collective total addressable market in excess of $70 billion. Blaize’s proprietary, purpose-built, full-stack programable processor architecture and low-code/no-code software platform solutions are designed to enable enterprises to rapidly harness the power of AI at the periphery of the network and in the data center and deliver real-time insights and decision-making capabilities with speed and efficiency.
This efficient processor architecture is designed to address the inherent challenges of edge AI processing, providing high-performance computing at low power consumption, minimal latency and high efficiency. The Blaize architecture includes its software suite composed of Blaize AI Studio and Blaize Picasso SDK (Software Development Kit), providing customers with a user-friendly and flexible means to swiftly develop and deploy applications at a highly optimized total cost of ownership.
BurTech CEO and chairman Shahal Khan commented: “Today marks the beginning of an extraordinary journey as BurTech agrees to combine with Blaize. The potential in the field of edge AI is immense, and this partnership positions the combined company for success. We are honored to have garnered strong backing from visionary investors, a testament to the revenue and growth potential in our journey. Our confidence in Blaize's management team is unwavering, and together, we are poised to be a leading player in a bright and transformative future in the world of edge AI. We are eager to pioneer the path ahead."
About Blaize
Blaize has developed a suite of purpose-built, full-stack programmable processor architecture, and low-code/no-code software platform that enables AI processing solutions for high performance computing in multiple large and rapidly growing markets. Its proprietary, purpose-built solutions are designed to enable enterprises to harness the power of AI at the periphery of the network and in the data center and deliver real-time insights and decision-making capabilities with speed and efficiency.
Source: Blaize
