15 AI News That Should Not Be Ignored

13. Elastic N.V. (NYSE:ESTC)

Market Capitalization: $9.24 billion

Elastic N.V. (NYSE:ESTC) is a search artificial intelligence (AI) company that delivers hosted and managed solutions designed to run in hybrid, public or private clouds, and multi-cloud environments. The company leverages AI across its product offerings, particularly within its “Elastic Stack” comprising Elasticsearch, Kibana, Beats, and Logstash (also known as the ELK Stack) and more.

On November 11, Elastic N.V. (NYSE:ESTC) introduced a new feature called Better Binary Quantization (BBQ) for Elasticsearch, the company’s open-source search and analytics engine. The BBQ tool will make it easier to store and work with complex data types known as vectors, which are often used in artificial intelligence and machine learning. The development of BBQ is a significant step toward data processing and storage, enhancing the capabilities of Elasticsearch. It is available as a tech preview for both self-managed and cloud users of Elasticsearch and will be contributed to Apache Lucene, an open-source Java library used as a search engine. Elasticsearch is built on top of Lucene.

“Elasticsearch is evolving to become one of the best vector databases in the world, and we see our users wanting to put more and more vectorized data in it. Better Binary Quantization is our latest innovation to reduce the resources needed to store vectorized data and provide freedom to our users to vectorize all the things.”

– Ajay Nair, general manager, Platform at Elastic.