Databricks strikes $1.3 billion deal for generative AI startup MosaicML

FILE PHOTO: MosaicML's founding team of Hanlin Tang, Naveen Rao, Dr. Michael Carbin and Jonathan Frankle are pictured in this undated handout photo provided on October 13, 2021. Courtesy of MosaicML/Handout via REUTERS/File Photo

(Reuters) - Databricks said on Monday it has agreed to acquire generative artificial intelligence startup MosaicML in a deal valued at roughly $1.3 billion.

The deal comes at a time when Artificial Intelligence (AI) is dominating the tech industry, with rapid AI thrusts coming from big tech, including Alphabet's Google and Microsoft Corp, in recent months.