Machine Learning and Artificial Intelligence are the two sectors companies are focusing a lot lately. And as the race to become the best in the tech world continues, Intel acquires Cnvrg.io, an Israeli ML company to pull ahead. The company provides a platform to build ML models for data scientists, that can train, track, run comparisons and a lot more.
The startup worked on an Ml platform and was founded by Yochay Ettun (CEO) and Leah Forkosh Kolben. As of now, we know that the company was evaluated at around $17 million as of the last round of financing that it received. The startup offers paid and free options to its customers and competes with similar companies like Databricks.
The idea of the startup is to provide a great and sample platform that need not be maintained by data scientists. In fact, they can focus on the more important aspect that is to build algorithms and work on their projects.
Detail about Intel’s last and recent acquisition
Intel has been strengthening its game in Ml and Ai by acquiring startups. One of the most recent acquisitions after Cnvrg.io is SigOpt. The company is based in BayArea and will also help Intel in building up its Machine Learning capabilities. Now, speaking about the acquisition of Cnvrg.io Intel hasn’t told us anything about the financial aspects of the deal.
Though, Intel has officially confirmed that they have acquired the company. They also said the Cnvrg.io would act as an independent entity under Intel and continue to serve its existing and new customers. Some other acquisitions made by Intel to progress in the field of AI and Ml were Mobileye for $15 billion and AI chipmaker Habana for $2 billion.
Intel’s goal behind the acquisition
Intel has been acquiring a lot of startups focused on AI, ML, chips and more. This might be because they want to focus on using the R&D of these companies to build chips that compete with Nvidia and AMD. This might be the main reason that they have acquired Habana. Intel’s business has declined by around 3% in the last quarter. This is because of the tough competition from AMD and also the pandemic.
Reports suggest that the Artificial Intelligence chip market might be valued over $15 billion by the end of 2024. And the fact that Intel generated over $3.5 billion revenue through AI is a clear sign when Intel is so keen in such startups.
What are your thoughts on the fact that Intel acquires Cnvrg.io and many such startups in the past? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.