Intel Acquires Cnvrg.io to Extend AI, ML Operations
Since the last year, Intel has been keeping an eye out for companies catering to the Machine Learning (ML) and Artificial Intelligence (AI) operations. In the recent move, the chipmaker giant has acquired Cnvrg.io to ramp up its ML and AI operations.
Cnvrg.io, an Israeli data science company was founded by Leah Forkosh Kolben and Yochay Ettun. It is built to favor data scientists in scaling up AI and building ML models which can be used to train and track multiple models, run comparisons among them, build recommendations, and much more. Additionally, data scientists can focus on devising algorithms and measuring their work instead of building and maintaining the current working platform in place.
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The firm works across on-premise, cloud, and hybrid environments and comes in paid and free tiers. It competes against Databricks, Sagemaker, Dataiku, and H20.ai which are also based on open-source frameworks. In its last round of funding, it managed to raise $8 million from investors Hanaco Venture Capital and Jerusalem Venture Partners.
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In December 2019, Intel had acquired Israeli AI chipmaker company Habana Labs. That deal was valued at around $2 billion. In May 2020, the chipmaker announced the acquisition of another Israeli smart transit startup Moovit for $900 million. And just a week ago, Intel had acquired SigOpt, a Bay Area company provider of a leading platform for the optimization of AI models at Scale.
Intel has been concentrating on the next generation of AI computing. It announced that the AI silicon market is going to be bigger than $25 billion by 2024. It also said that AI silicon in the data center will be greater than $10 billion. With all these acquisitions, Intel is spreading its footprints and is looking forward to driving more AI-driven revenue.
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