What is Cnvrg.io? What does Intel's latest acquisition Cnvrg.io do?

Intel has been directing efforts towards building up its artificial intelligence and machine learning business operations. The company had recently announced the acquisition of SigOpt to scale up its AI productivity. Now, the US chipmaker has acquired an Israeli data science startup company named Cnvrg.io which will allow it to ramp up its machine learning and AI operations.

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Intel acquires Cnvrg.io

A TechCrunch report stated that Intel has confirmed in a short note that they have officially acquired the Israeli platform. The report also noted that Cnvrg.io will be serving both its existing and future customers while operating as an independent Intel company. The acquisition will allow the chipmaker to develop and track different models while being able to draw comparisons between them.

However, this isn't the first time Intel has acquired an Israel-based company to bolster its technology ecosystem. In December 2019, Intel Corporation had acquired an Israel-based Artificial Intelligence chipmaker called Habana Labs. The deal was valued at around $2 billion. The American chipmaker has also recently acquired SigOpt in an effort to double down on its AI operations.

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What is Cnvrg.io?

Cnvrg.io is an Israel-based data science company which was founded by Leah Forkosh Kolben and Yochay Ettun. It assists data scientists and enterprises in scaling up Artificial Intelligence and building machine learning models. The company offers model management to its customers from the research stage. It is one of the major players in the industry and competes against the likes of Dataiku, Databricks, and Sagemaker.

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Intel Cnvrg.io deal value

Intel hasn't disclosed any details around its latest acquisition deal; however, the data-science company was valued at around $17 million at the time of acquisition. A part of this valuation comes from its recent investments from companies like the Jerusalem Venture Partners and Hanaco Venture Capital who had invested about $8 million on the platform.

Last year, the American chipmaker's AI-driven revenue was reported to be around $3.8 billion. With its recent acquisitions, the company is looking to drive more revenue into the business.

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