Intel buys data science startup Cnvrg.io
The chip giant looks to bolster its machine learning and AI capabilities
In a statement given to TechCrunch, Intel confirmed the deal and said in a short statement that “Cnvrg will be an independent Intel company and will continue to serve its existing and future customers”. The company did not disclose any terms of the deal.
Cnvrg.io was started in 2016 and runs a data science platform aimed at helping enterprises to manage and build up AI efforts. It claims that it is a pioneer in building cutting-edge machine learning development solutions to help customers rapidly build machine learning models.
The platform offers paid and free tiers and works in on-premise, cloud and hybrid environments.
Among the Israeli firm’s partners include Red Hat, NetApp and Nvidia, while its customers include Lightricks, ST Unitas and Playtika.
In a recent blog post, co-founder and CEO Yochay Ettun said that its machine learning dashboard could improve visibility and increase machine learning server usage by up to 80%. Its dashboard helps IT teams see allocation and utilisation of different jobs, clusters, by user and by job.
Admins can monitor and compare overall capacity versus allocation and utilisation with graphs to identify gaps in efficiency.
Recently, Cnvrg.io raised $8 million in venture capital funding from investors such as Hanaco Venture Capital and Jerusalem Venture Partners.
Barely a week ago, Intel made another acquisition in the AI sector with the purchase of SigOpt for an undisclosed amount. The company provides a software platform for research groups such as OpenAI to increase AI model performance.
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