Intel Just Bought an AI Startup Nervana

Renowned micro chipmaker company Intel just acquired Nervana. It has been developing artificial intelligence technology for last two years. AI startup Nervana Systems started in 2014 and is based in San Diego, California. Intel has been paid around $400M for this deal. Last year Nervana raised $20.5M funding from Allen & Co., AME Cloud Ventures, CME Ventures, Data Collective, Draper Fisher Jurvetson, Global Playground, and Lux Capital.

“Nervana’s Engine and silicon expertise will advance Intel’s AI portfolio and enhance the deep learning performance and TCO of our Intel Xeon and Intel Xeon Phi processors,” Diane Bryant, executive vice president and general manager of Intel’s Data Center Group, said in a blog post.

“We will continue to operate out of our San Diego Headquarters and will retain our talent, brand, and start-up mentality,” Nervana cofounder and CEO Naveen Rao wrote in the company’s own blog post.

Intel has been well known in silicon valley for its chip selling  business for last four decades and this is the first time the company has disclosed that it has the interest in exploring AI. Like other fellow tech giants intel wants to have a grip on shaping the future of tech.  

NERVANA FUNDING : $24.4 M IN 3 ROUNDS : [ Via Venture Pulse Data ]

DateFunding Amount Funding Round Lead VC/Investor
Jun, 2015 $20.5M Series AData Collective
Aug, 2014 $3.3M Series ADraper Fisher Jurvetson (DFJ)
Apr, 2014 $600kSeed