Apple Adds Another Startup, 'Xnor.ai' To Its Kitty!

Apple Buys Startup That Makes AI Possible On Low Rung Hardware

Apple reportedly acquired Xnor.ai, a Seattle-based startup specializing in low-power and edge artificial intelligence tools for around $ 200 million (approximately Rs 1,419 million).

Apple has purchased a little-known artificial-intelligence company for a reported $US200 million. It is unclear from that announcement whether Xnor.ai's termination of the contract was directly related to an impending acquisition by Apple, however, it is implied in the report that the acquisition and the termination seem to be linked.

Without disclosing the motive behind this acquisition, Apple has given its same standard statement saying, Apple buys budding startups on a regular interval, which they find talented without revealing their plans.

Xnor.ai is a spin-off of the non-profit Allen Institute for AI (AI2). The startup counts on image recognition and machine learning tools-AI on the edge-whose modus operandi can be done on low-power devices.

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From a solar-powered AI chip to AI-enabled gizmos to monitor grocer shelves, the start-up has produced a lot of notable innovations in 2019 before being acquired by Apple.

The company, founded in 2016, had raised millions of dollars to build tools that help AI algorithms run on devices rather than remote data centers. It raised $2.7M in early 2017 and $12M in 2018, both rounds led by Seattle's Madrona Venture Group, and has steadily grown its local operations and areas of business. A follow up in 2018 brought in United States dollars 12 million more from Madrona, as well as from Autotech Ventures, NGP Capital and Catapult Ventures.

The start-up was also ranked 44th on the Forbes list of most promising AI companies in America.

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