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A major benefit for Cnvrg is that the platform will be able to ride on Intel’s extensive network of operations and tech client base.
American multinational corporation and technology company Intel Corporation (NASDAQ: INTC) has acquired Cnvrg.io, an Israel-based Artificial Intelligence (AI) and Machine Learning software development platform for data scientists. Per the report from TechCrunch, the Intel acquired AI platform is growing in its demands for building, managing and automating machine learning processes and operations.
The acquisition of Cnvrg came with no defined acquisition but since its valuation following its last funding round of $8 million gave it a valuation of $17 million according to Pitchbook analysis, there are indications that the worth of the acquisition deal will be less than that.
“We can confirm that we have acquired Cnvrg,” an Intel spokesperson confirmed the AI platform acquisition to TechCrunch, adding that “Cnvrg will be an independent Intel company and will continue to serve its existing and future customers.” Few of the Cnvrg’s customers as seen on the platform’s case study include Lightricks, ST Unitas, and Playtika while its partners include Red Hat Openshift, NetApp, and NVIDIA Corporation (NASDAQ: NVDA).
Intel has continued to strive to exert its footing in the world of AI and Machine Learning, first showcased with the acquisition of SigOpt to promote its machine learning modeling provisions. Undoubtedly AI is changing the game across all fields today and Intel’s continuous push to acquire related tech companies will help it compete with Nvidia and other industry heavyweights.
Primarily, Cnvrg.io was created by data scientists led by Co-Founders Yochay Ettun who doubles as the Chief Executive Officer (CEO), and Leah Forkosh Kolben, with products targeted to serve data scientists by streamlining the machine learning process, so they can focus less on the burdensome tasks or work and more on the real magic – algorithms. The platform has both an open-source platform as well as a paid version and its products are in direct competition with the likes of Sagemaker, Dataiku, and Databricks.
A major identifiable benefit of the Intel acquisition to Cnvrg is that the platform will be able to ride on Intel’s extensive network of operations and tech client base to scale up its AI and Machine learning offerings and products.
Intel Looking at Boosting Its Revenue Streams via AI
The outlook of Intel Corporation in its third-quarter revenue report reflects the need for the company to diversify its revenue sources. With a reported 4% overall decline in revenue, the California-based technology firm is rather poised to pump excess money into its business units with a promising growth track.
According to TechCrunch, Intel Corporation recorded about US$3.8 billion in revenue in the 2019 fiscal year and suggests that the acquisition of both SigOpt and Cnvrg will help boost revenue in the coming quarters as the company leverage on its network of customers to roll out AI and machine learning-backed solutions for businesses across various sectors