AI Startup Nixtla Launches TimeGPT, Allowing Any Organization to Perform Time-Series Forecasting With Just Three Lines of Code
July 18 2024 - 8:00AM
Nixtla, a startup that makes it simple for any organization to
perform time-series forecasting in seconds, announced today that
after a months-long beta, its flagship TimeGPT software is now
available to anyone.
Nixtla’s TimeGPT is the first to do for forecasting models what
OpenAI has done for language models – making them accessible to
all. Nixtla users include Ford, Walmart, FedEx, and Databricks.
Time-series forecasting is a powerful method that leverages
time-stamped data to predict future events and remove uncertainty
from business conditions – for example, to accurately predict
sales, inventory levels and even manufacturing data. Until now,
time-series forecasting has required large teams of machine
learning engineers developing custom models – which meant only the
largest companies could leverage it. With TimeGPT, Nixtla makes
time-series forecasting available to anyone with just three lines
of code.
“We’re very excited to release this stable version of TimeGPT
for all, and grateful for the thousands of beta users who provided
us with critical feedback that helped us improve it,” said Max
Mergenthaler, co-founder and CEO of Nixtla. “TimeGPT users have
explored use cases across finance, retail, manufacturing,
healthcare, security and more. We saw a wide range of company
types, from very small mom-and-pop businesses to the Fortune 500 –
proving that any organization can benefit from time-series
forecasting.”
Feedback from one user: “Before TimeGPT, our team spent a lot of
time creating and maintaining forecasting pipelines. Now, we do
state-of-the-art forecasting in a few lines of code and in just a
couple of seconds. TimeGPT saved us major hours and headaches."
Nixtla recently added several new TimeGPT features
including:
- An R package to enable advanced users to
access the TimeGPT API from R as well as Python
- Speed and accuracy
improvements shown in benchmark testing that makes Nixtla
more accurate and twice as fast as other options
- TimeGPT for Excel (Beta): forecast and perform
anomaly detection in a few clicks in your Excel spreadsheets. View
the demo.
In addition, Nixtla recently announced an integration with
Microsoft that brings an optimized version of TimeGPT called
TimeGEN-1 to the Azure AI model catalog. It is offered as a Model
as a Service (MaaS). This integration means millions of Azure users
now have access to Nixtla’s time-series forecasting models.
Nixtla was founded by
Mergenthaler, Azul Garza Ramirez (CTO) and Cristian Challu (CSO).
Mergenthaler is a serial entrepreneur and engineer with deep
experience in building data science teams. Ramirez studied applied
math and economics and is an experienced machine learning engineer.
Challu has a PhD in machine learning. The three met at a previous
startup and decided to build an open-source time series model. When
the model’s popularity soared (it has been downloaded 15M times and
is in production at multiple Fortune 500 companies), they founded
Nixtla to continue development and create an enterprise version.
Nixtla means “time” in Aztec, an ancient Mexican language (all
three founders, now based in San Francisco, are originally from
Mexico).
Other than Nixtla, all other options for AI-driven time-series
forecasting come from tech giants: Google, Amazon, Salesforce and
ServiceNow.
Get started with TimeGPT
- Go to dashboard.nixtla.io/freetrial to set up an account
- Follow our TimeGPT Quickstart guide
- Read through our tutorials and
capabilities, for examples of different ways to use TimeGPT.
About NixtlaNixtla is the first to do for time
series models what OpenAI has done for language models – making
them accessible to anyone. Any organization that wants to perform
forecasting or anomaly detection can benefit from a time series
model, which is a way to use AI to predict future events and remove
uncertainty from business decisions. Nixtla’s TimeGPT has made it
simple for anyone to forecast using data they already have in Excel
or other systems – such as sales, revenue and inventory data -
without having to hire a team of engineers. Benchmark testing has
found Nixtla to be more accurate and twice as fast as other
options. Learn more and try for free at nixtla.io.
Media contact:Michelle FaulknerBig
Swingmichelle@big-swing.com617-510-6998
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/396e6185-ff2f-44be-8b83-2a0b651517cf