Intel acquires AI startup run by Indian-origin entrepreneur

Posted on:12 Aug 2016 09:30:09
Intel acquires AI startup run by Indian-origin entrepreneur
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.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs 2018 June

18 JUNE
NEWS
17 JUNE
NEWS
16 JUNE
NEWS
15 JUNE
NEWS

Current Affairs 2018 May

31 MAY
NEWS
30 MAY
NEWS
29 MAY
NEWS
28 MAY
NEWS

Current Affairs 2018 April

30 APRIL
NEWS
29 APRIL
NEWS
28 APRIL
NEWS
27 APRIL
NEWS