By acquiring high-quality start-ups, Intel is deeply into machine learning and artificial intelligence. Intel recently acquired an Israeli company, TechCrunch, citingmedia Cnvrg.io. The latter builds and operates a platform for data scientists to build and run machine learning models that track and train multiple models and compare them, create recommendations, and more.
Intel subsequently confirmed the acquisition. An Intel spokesman said: “We have confirmed the acquisition of Cnvrg. After the acquisition, Cnvrg will operate as a separate Intel subsidiary and will continue to serve existing and future customers.” These customers include Lightricks, ST Unitas and Playtika.
Intel did not give details of the deal or which members would join. Founded by Yochay Ettun (CEO) and Leah Forkosh Kolben, Cnvrg raised $8 million from investors including Hanaco Venture Capital and Jerusalem Venture Partners, with PitchBook estimating the latest round of financing at about $17 million.