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Intel Makes Its Second AI Acquisition In A Week

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Intel Makes Its Second AI Acquisition In A Week

Chipmaker Intel Corporation (NASDAQ: INTC) is strategically ramping up expansion plans in the Artificial Intelligence (AI) and Machine Learning (ML) business with two acquisitions in one week. TechCrunch reported Intel's latest acquisition deal with Israeli startup, Cnvrg.io, on Wednesday.

Founded in 2016, the Jerusalem-based startup operates under the legal name, Accessible Labs Ltd -- Crunchbase.

What Happened: TechCrunch claims that an Intel spokesperson has confirmed the deal. However, the company has not made any official announcements about the terms of the acquisition agreement.

"Cnvrg will be an independent Intel company and will continue to serve its existing and future customers," the spokesperson said.

Cnvrg's all-in-one machine learning platform allows data scientists to build and execute AI and ML algorithms, from the research stages to the production phase.

 The startup has raised $8 million in its Series A funding, according to Crunchbase. TechCrunch cited Pitchbook's valuation of $17 million in its last funding round.

Why Does It Matter: Last week, Intel acquired SigOpt, a San-Francisco based startup that operates an optimization platform that facilitates scaling AI models. Intel did not disclose the terms of the deal but clarified that it is expected to close in the fourth quarter.

TechCrunch hints that Intel's acquisition spree attempts to take on rivals like NVIDIA Corporation (NASDAQ: NVDA).

Nvidia's recent purchase of Arm Holdings attracted attention for potential geopolitical conflicts, and Arm co-founder calling the deal a disaster for Europe.

Price Action: INTC shares gained 0.88% to close at $44.85 on Tuesday.

 

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