Intel acquires Israeli startup Convrg.io to improvise machine learning. Intel is picking up the ML boosters in the industry to fill up its need for AI computations. Intel’s recent move to procure Convrg.io is a one step closer to develop an improvised machine learning platform for its end user.
Cnvrg was co-founded by Leah Forkosh Kolben and Yochay Ettun (CEO), and successfully hitched up $8 million from distinct investors. Jerusalem Venture Partners and Hanaco Venture Capital were few of the financiers. According to the PitchBook’s approximation, it valuates at almost $17 million in its final round. It gives a hybrid stage for the industries dealing with data accumulation and optimisation of the machine learning models.
Intel acquires Israeli startup Convrg.io to build an automate machine learning
CORE, one of the key features of Cnrg.io, helps to reduce the data computation complexity and will definitely aid the deployment of AI models efficiently. In his recent blog, Yochay Ettun (CEO) introduces MLOps Dashboard, to abridge the gap between compute allocation and optimal use of GPU, CPU and the memory resources. It has been developed to concentrate on the deployment, and analysing of the end results rather than to create a model from the scratch.
Intel briefly affirmed the accession by stating, “We can confirm that we have acquired Cnvrg. Cnvrg will be an independent Intel company and will continue to serve its existing and future customers.” The customers include ST Unitas, Playtika, and Lightricks. However, Intel hardly reveals any other fiscal information of the acquisition and veils the part about how many will directly join Intel.
Within a week, it was the second move to undertook such a developer. Sigopt was the former startup acquired by Intel to provide a smooth optimising stage for its customers. It was one of the remarkable ploys of Intel to possess Sigopt, which is well known for scaling the AI operations, and making the computation efficient.
In 2017, its acquisition of the mammoth technology Mobileye, another tech giant of Israela adhered to its visionary. Mobileye, acquired for $15.3 billion, is a game changer in the ADAS (advanced driving assistance system) and autonomous driving vehicle. In late 2019, Intel bagged another big player, Habana, an AI Chipmaker for $2 billion.
Intel has been acquiring different assent from past few years. It seems to be a strategic move by Intel to enhance its manufacturing for the next-generation chips. Other entrants as big as Nvidia and smaller ones such as Graphic Core must have realised that the bar has been raised now. It is a calibrated approach to invest in AI tools for the market, to shed the load of inefficient chipsets from the customers.
Intel’s strategy to thrive in the AI computations by investing in different firms act as a countervail for its descent in the legacy operations. Recently, Intel declared a 3% drop in its revenues, followed by a dip in the data center industry. The Silicon market of AI is reckoning to be a far more than $25 billion industry by 2024. It is interesting to note that within the same period, AI Silicon in the data center is estimated to leap over the $10 billion mark.
AI is going to be a booming industry in the coming decade and Intel has wisely invested in the billion dollar market. Intel declared some $3.8 billion in AI-driver revenue, and will continue to grow by solving the complexities of the fast-computations for its consumers.