Zapata AI Welcomes Sumit Kapur as Chief Financial Officer

Accomplished tech industry finance leader brings a wealth of experience scaling complex businesses from startups to billion-dollar-revenue-generating enterprises

BOSTON, May 13, 2024 (GLOBE NEWSWIRE) -- Zapata Computing Holdings Inc. (“Zapata AI” or “the Company”) (Nasdaq: ZPTA), the Industrial Generative AI company, today announced that Sumit Kapur will join the organization as Chief Financial Officer, effective May 20, 2024, and as Zapata AI’s Vice President, Finance during a short transition period, effective today. Sumit’s experience in AI, investment banking, scaling complex businesses and raising capital will be invaluable in supporting Zapata AI’s growth as the Company works to expand to provide services to new clients across industries that could include financial services, life sciences, government and defense, telecom, and advanced manufacturing.

Sumit brings a strong track record of steering technology companies through critical growth phases and tapping diverse public market and private capital sources to fuel growth. He spent nearly 12 years serving as Chief Financial Officer at 3Degrees, a financial services and technology company in the energy sector, where he played an integral role in scaling the business’s revenue 50x through a combination of new offerings, mergers and acquisitions, international expansion, capital raising and organic growth. Sumit also has extensive investment banking experience at firms including Morgan Stanley and JP Morgan, and currently serves as an investor and board member at Tulip.ai, a venture-backed healthcare AI startup. He will succeed Mimi Flanagan, who is leaving the Company for personal reasons.

Christopher Savoie, CEO and co-founder of Zapata AI, stated, “Sumit’s appointment comes at a pivotal juncture for Zapata AI. Interest in our Industrial generative AI offerings is growing by the day across multiple industries. We believe Sumit’s impressive pedigree for financial leadership and strategic growth will be instrumental in driving our financial strategy, allocating capital, and fostering partnerships to fuel our expansion.”

“I’d like to thank Mimi for her many contributions over the last few years as we navigated the journey to operating as a public company,” continued Savoie. “Her financial leadership was critical to ensuring our success during this transformational time. We wish her success in all her future endeavors.”

Sumit will join the Company reporting to Savoie. “Zapata AI is leading a transformative movement in Industrial Generative AI, empowering businesses with unmatched operational insights that will fuel growth and drive cost savings," said Sumit. "My experience in scaling global technology platforms to unlock shareholder value aligns perfectly with Zapata's current needs. Christopher has assembled an exceptional team of experts in generative AI, and I'm excited to join them to build a powerhouse that will redefine the industry.”