Apple snaps up AI start up Xnor.ai in a deal worth up about $200M

Apple has acquired a Seattle-based AI start up Xnor.ai that specializes in edge-based and low-power artificial intelligence tools. The acquisition is in line with Apple’s much-talked about procurement of Turi, a Seattle-based AI start up in 2016. Interestingly, it is believed that Apple has paid similar amount to Xnor.ai—the deal being worth up about $200 million.
Apple has used acquisition to expand its penetration of AI ecosystem, in the vein of technologies companies such as Microsoft, Facebook and Alphabet. These behemoths have taken giant strides to enhance their own products with AI and provide tools to outside software developers.
As per sources familiar with the knowledge of the matter, the company has stressed that they have continued the trend of acquiring small companies and that they do not buy the idea of discussing plans or purpose. People aware of the happening strongly assume the latest AI-enabled image recognition tools of Xnor could well set the standard for future webcams and iPhones.
Read also: Apple acquires 5G smartphone modem chip unit of Intel for USD 1B
According to sources, the acquisition of Xnor.ai is yet another feather in the cap for Allen Institute for Artificial Intelligence, pioneered by Paul Allen, Microsoft co-founder to propel AI research lab. Xenor focuses on their innate ability to run on device, unlike Amazon that resorts to cloud providers to perform heavy-duty computing. The startup counts on image recognition and machine learning tools—AI on the edge—whose modus operandi can be done on low-power devices.
Of late, Xnor.ai was ranked no. 44 by Forbes on an elite list of America’s most promising AI companies. Acquisitions related to AI have proliferated in recent years, with the acquisition of Xenor.ai substantiating Seattle’s role as a hub for innovations in machine learning and AI.
Source credit:
https://www.geekwire.com/2020/exclusive-apple-acquires-xnor-ai-edge-ai-spin-paul-allens-ai2-price-200m-range