Intel has acquired an Israeli start-up, Cnvrg.io, in another of its move to develop its machine learning and AI business. Cnvrg.io operates a platform for data scientists for building and running machine learning models. It can be used to train and track multiple models while running a comparison and building recommendations for them.
Post-acquisition, Cnvrg.io to remain an independent Israeli firm
Although Intel has confirmed the acquisition, it has not yet revealed the financial details of the deal. In its confirmation note, it stated that Cnvrg.io will be an independent Israeli firm and will continue serving its existing and new clients. Some of its clients include Lightricks, ST Unitas, and Playtika.
Cnvrg.io’s platform works on-premise, cloud, and hybrid environments. It comes in both free and paid tiers while competing with the likes of Databricks, Dataiku, and Sagemaker. It is a user-free platform for data scientists so that they can focus on developing algorithms and measure how they work.
Intel’s recent acquisitions based on its refocus on machine learning and AI business
It has only been a week since Intel made another acquisition to focus on the AI business. It acquired SigOpt a week before Cnvrg.io. SigOpt is also a start-up that developed an optimization platform for running machine learning modeling and simulations. SigOpt is based out of the Bay Area, whereas Cnvrg is an Israeli start-up, confirming Intel’s efforts to expand its global footprint.
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With this deal, Intel has reshifted its focus on business surrounding next-generation chips while it competes with players like Nvidia and GraphCore. It has offset Intel’s decline in legacy operations. Last quarter, Intel had reported an almost 3% decline in revenue due to a drop in its data center business.
AI-driven silicon market projected to be larger than $25 billion by 2024
Intel has projected that the AI-driven silicon market will be larger than $25 billion by 2024. The AI silicon in the data center will be greater than $10 billion during that time. Intel had reported close to $3.8 billion in AI-driven revenue in 2019. With its recent acquisitions of SigOpt and Cnvrg.io, it hopes to drive more activity to the business with a push from AI applications.