Intel continues to build out and snap up startups for its artificial intelligence and machine learning operations. TechCrunch learned that the chip giant had acquired Cnvrg.io, in the latest move. Cnvrg.io is an Israeli company. It has built and operates a platform for data scientists to run and develop machine learning models. Afterward, these models can be used to track and train multiple models.
Furthermore, it can build recommendations, run comparisons, and more. Intel confirmed the acquisition. A spokesperson of Intel said that they confirm they have acquired Cnvrg. Cnvrg will be an independent company of Intel. Thus, it will continue to serve its existing and future customers. Those customers include Playtika, Lightricks, and ST Unitas.
Intel does not disclose any financial terms of the deal, nor whom from the startup will join Intel. Leah Forkosh Kolben and Yochay Ettun (CEO) co-founded Cnvrg. Cnvrg raised eight million dollars from investors that include Jerusalem Venture Partners and Hanaco Venture Capital. PitchBook is estimating that is has valued at approximately seventeen million dollars in its last round. Only a week ago Intel made another acquisition. It was to boost its artificial intelligence business, also in machine learning modeling. It picked up SigOpt. SigOpt developed a platform of optimization to run machine learning simulations and modeling.
Cnvrg is in Israeli. SigOpt is based out of the Bay Area. They both join an extensive footprint that Intel has build in the country. Specifically, it is in artificial intelligence development and research, banked around its Mobileye autonomous vehicle business and its acquisition of artificial intelligence chipmaker Habana. The platform of Cnvrg.io works across on-premises, hybrid, and cloud environments. It comes in paid and free tiers. The platform is competing with the likes of Dataiku, Sagemaker, and Databricks, as well as smaller operations like H2O.ai. They are built on open-source frameworks. The premise of Cnvrg is that it is providing a user-friendly platform for data scientists. Thus, they can focus on devising algorithms and measuring how they work.
Intel does not say much about the deal. Nevertheless, it seems that some of the logic behind the SigOpt acquisition of last week applies here as well. Intel is refocusing its business around next-generation chips. It is to better compete versus the likes of GraphCore and Nvidia. Thus, it makes sense to provide or invest in artificial intelligence tools for customers.
The focus of Intel to the next generation of computing is aiming to offset declines in its legacy operations
- Trading Instrument