Snowflake to acquire Myst AI to provide time series forecasting

Snowflake to acquire Myst AI to provide time series forecasting

The data warehousing company wants to help enterprises apply time series forecasting to their data to generate future predictions as an aid to strategic decision making.

Credit: Dreamstime

Cloud-based data warehouse company Snowflake has agreed to acquire artificial intelligence-based time series forecasting platform provider Myst AI.

“Time series forecasting is one of the most applied data science techniques in business. Accurate forecasts can establish measurements to guide management, facilitate planning and goal setting, and help mitigate risk,” Greg Czajkowski, senior vice president of engineering and support at Snowflake, wrote in a blog post announcing the deal.

The technique is used in supply chain management, inventory planning and finance, and public health, Czajkowski said, adding that in manufacturing it can be used to predict product demand at a geographic level to help meet shipping requirements and reduce inventory waste.

Time series forecasting looks for statistical patterns in past data to generate future predictions as an aid to strategic decision making.

Myst AI’s focus is on applying it to reduce energy costs by forecasting spikes in demand, renewable generating capacity, and prices. The acquisition, according to Czajkowski, is a continuation of Snowflake’s strategy to focus on building machine learning extensibility into its data cloud.

In June 2022 the company announced several new features, including Streamlit integration and machine learning for SQL users, in an effort to further its machine learning strategy.

Snowflake acquired Python-based Streamlit last year to help machine learning and data science engineering teams to visualise, mutate, and share data.

Myst AI has raised $8 million in venture funding since 2020, but Snowflake did not say how much it paid for the company. This now marks Snowflake’s sixth acquisition in three years.

In August 2022 it bought Polish AI-based document understanding platform Applica to help enterprises handle unstructured data.

The others were Streamlit (March 2022), Polish custom software company Pragmatists (January 2022), Polish digital products development studio Polidea (February 2021) and Canadian data anonymisation company CryptoNumerics (July 2020).

Follow Us

Join the newsletter!


Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags SnowflakeMyst AI



Join key decision-makers within Environmental, Social, and Governance (ESG) that have the power to affect real change and drive sustainable practices. SustainTech will bridge the gap between ambition and tangible action, promoting strategies that attendees can use in their day-to-day operations within their business.

EDGE 2023

EDGE is the leading technology conference for business leaders in Australia and New Zealand, built on the foundations of collaboration, education and advancement.


ARN has celebrated gender diversity and recognised female excellence across the Australian tech channel since first launching WIICTA in 2012, acknowledging the achievements of a talented group of female front runners who have become influential figures across the local industry.

ARN Innovation Awards 2023

Innovation Awards is the market-leading awards program for celebrating ecosystem innovation and excellence across the technology sector in Australia.

Show Comments