Apple Acquires AI Start-Up Xnor.ai For $200 Million
- Xnor.ai is known for its advanced machine learning and imaging tools
- Xnor.ai set out in 2017 after receiving help from Madrona and AI2, raising $2.6 million in seed funding
According to a report by GeekWire, Apple has acquired American AI start-up Xnor.ai for approximately $200 million. Xnor.ai is a spin-off of the non-profit Allen Institute for AI (AI2) said the report.
As per the report, Apple’s response to an email sent by GeekWire generated a standard response saying that Apple buys smaller technology companies from time to time. It added that it does not discuss their purpose or plans.
Advanced machine learning and imaging tools
The report said that Xnor.ai is known for its advanced machine learning and imaging tools. This can be executed on relatively smaller devices with minimum power with no requirement of cloud support.
The GeekWire also reported that this acquisition will help in improving Apple’s data privacy and data security technology. As per the report, Xnor.ai set out in 2017 after receiving help from Madrona and AI2, raising $2.6 million in seed funding.
$12 million in a Series A funding round
It received $12 million in a Series A funding round with additional backing from Autotech Ventures, NGP Capital and Catapult Ventures a year after receiving seed funding. It also ranked 44th on the Forbes list of most promising AI companies in America.
source : http://electronicsofthings.com