Intel acquires Cnvrg.io to enhance ML and AI capabilities

Intel has yet again acquired another startup to upgrade its automation capabilities in technologies like machine learning and artificial intelligence. In its latest move, the chipmaker has acquired Cnvrg.io for an undisclosed amount. Intel confirmed the acquisition to TechCrunch stating, “We can confirm that we have acquired Cnvrg,” a spokesperson said. “Cnvrg will be an independent Intel company and will continue to serve its existing and future customers.”.

Just before last week, it had made another acquisition of SigOpt to boost its AI and ML business. SigOpt is the developer of an optimization platform that runs machine learning modelling and simulations.

While Intel is mostly silent about this acquisition, it can be deduced that it is looking to ramp up the development of next-gen AI-based chips. Its main aim is to compete with rival NVIDIA which is gaining a huge audience in AI chip business. Also, these recent acquisitions indicate the chipmaker’s attempt to deal with the declining revenues. In the last quarter, a drop in Intel’s data centre business led to a decline of 3 per cent in its revenues. Its chip business also affected because of delayed production. The company also lost one of its biggest customers – Apple, which will be using its own processor chips from now on.

About Cnvrg.io

Cnvrg.io is an AI research and development startup based out of Israel and co-founded by Yochay Ettun (CEO) and Leah Forkosh Kolben. The startup has raised $8 million from investors including Hanaco Venture Capital and Jerusalem Venture Partners. PitchBook estimates that it values at around $17 million in its last round. It provides a user-friendly platform for data scientists to focus on the development of algorithms rather than the management of the platform. Data scientists can also use this platform to run multiple models and do a comparison among them. It works across on-premise cloud and hybrid environments and comes in free as well as a paid version. Cnvrg’s customers include Lightricks, ST Unitas and Playtika.