Intel buys Israeli AI platform Cnvrg.io

Intel Development Center, Haifa  photo: Intel

The acquisition was reported by website TechCrunch, but no financial details were disclosed.

Intel has bought Israeli company Cnvrg.io, according to a report on the TechCrunch website. Cnvrg.io had developed a machine learning platform for building artificial intelligence models efficiently.

Intel confirmed the report, but did not disclose financial details. The PitchBook website estimated Cnvrg.io's valuation in its last fund raising round at $17 million.

Intel said that Cnvrg.io would be an independent company under Intel's ownership and would continue to serve current and future customers. Among Cnvrg.io's customers are Lightricks and Playtika. The acquisition is part of Intel's effort to develop its AI and machine learning capabilities.

Cnvrg.io was founded in 2017 by its CEO Yochay Ettun and Leah Forkosh Kolben. Its development center is in Jerusalem. It has raised $8 million in two fund raising rounds. The most recent was a $6 million round last year. Among the investors in Cnvrg.io are Hanaco Venture Capital and Jerusalem Venture Partners.

Published by Globes, Israel business news - en.globes.co.il - on November 4, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Intel Development Center, Haifa  photo: Intel
Intel Development Center, Haifa photo: Intel
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