Intel pursues its ambitions in AI with the acquisition of Cnvrg.io

by bold-lichterman

Intel is inexorably pursuing its ambitions in artificial intelligence and machine learning with the acquisition of the Israeli startup Cnvrg.io, specializing in data science. This operation comes one week after the acquisition of SigOpt, an algorithmic model optimization platform.

Launched in 2016 by Yochay Ettun and Leah Forkosh Kolben, Cnvrg develops a solution for creating, managing and automating basic machine learning models. The startup notably launched “CORE” last March, a free community version of its platform. “As was our vision from the start, Cnvrg.io wants to help data scientists do what they do best: create high impact AI The founders said at the launch.

An estimated value of $ 17 million

If the amount of the transaction is unknown, we nevertheless know that Cnvrg has raised $ 8 million since its launch. Its value is estimated at $ 17 million according to PitchBook. ” Cnvrg will be an independent company from Intel and will continue to serve its current and future customers ”, a spokesperson told TechCrunch.

With this acquisition, Intel strengthens in Israel where it already owns Mobileye, specializing in autonomous cars, acquired for 15 billion dollars, as well as Moovit in urban mobility for 900 million dollars. Intel also bought chipmaker Habana Labs last year for $ 2 billion. The latter is developing a technology that could make it possible to process very large models of artificial intelligence. Intel is therefore focusing on data-related products (memory chips, chips for data centers or even for connected objects), which brought in nearly $ 6 billion this last quarter.