Intel has acquired the Israeli startup Cnvrg.io. The startup makes a platform that data scientist can build and train machine learning models on.
The news originates from TechCrunch, which received a brief confirmation from Intel: “We can confirm that we have acquired Cnvrg. Cnvrg will be an independent Intel company and will continue to serve its existing and future customers,” an Intel spokesperson told the website.
Neither party confirmed how much Intel paid for the acquisition. PitchBook recently estimated the value of the company at 17 million U.S. dollars (14.5 million euros). When Yochay Ettun and Leah Forkosh Kolben founded the company, they raised 8 million dollars (6.8 million euros) from investors such as Hanaco Venture Capital and Jerusalem Venture Partners.
Cnvrg.io is a small company specializing in machine learning. It builds platforms onto which other companies can build their machine learning models. This way different models can be trained and compared, but the maintenance of the platform is done by Cnvrg.
Cnvrg.io’s platform works on-premise, in the cloud or in hybrid environments and competes with parties such as Databricks, Sagemaker and Dataiku. The platform is available in free and paid variants.