Aug 10, 2016 8:30 AM EDT
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The move comes as the Santa Clara, CA-based chipmaker is boosting its artificial intelligence capabilities, Reuters noted.
Nervana, which is based in San Diego, will help develop Intel’s artificial intelligence portfolio and bolster the deep learning performance of Intel Xeon and Intel Xeon Phi processors, according to a statement.
Nervana’s investors include Global Playground,CME Ventures, Lux Capital, Allen & Co. and AME Cloud Ventures, Reuters said.
Terms of the deal were not made public.
The team believes its strengths outweigh the fact that the company has had sub par growth in net income.
NEW YORK (TheStreet) — Shares of Intel (INTC) – Get Report were higher in pre-market trading on Wednesday as the company said it would buy start-up Nervana Systems late yesterday.
The company’s strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, good cash flow from operations, solid stock price performance and expanding profit margins.
Intel (INTC) said it would purchase artificial intelligence start-up Nervana Systems late Tuesday.