12 August 2016 Current Affairs: Tech-giant Intel today acquired California-based deep learning start-up Nervana Systems run by an Indian-origin entrepreneur, allowing the the chip maker to foray into the world of Artificial Intelligence.
Co-founded by Naveen Rao in 2014 and headquartered in San Diego, California, Nervana has a fully-optimised software and hardware stack for deep learning.
The US-based chip giant isn't actually saying how much it is paying, but a source with knowledge of the deal said it is valued at around USD 408 million .
Intel signed a definitive agreement to acquire Nervana Systems, a recognised leader in deep learning .
Nervana Systems is led by former Qualcomm researcher Naveen Rao, founded in 2014 and headquartered in San Diego, California, Nervana has a fully-optimised software and hardware stack for deep learning. Nervana Systems has reportedly raised $25 million in venture funding. The company also reportedly has a contract to work with In-Q-tel, the US intelligence community's venture arm. While Intel is one of the world's largest and highest valued semiconductor chip makers, based on revenue.