JERUSALEM (Reuters) – Intel Corp has bought Israel-based artificial intelligence (AI) firm Habana Labs for about $2 billion, the chipmaker said on Monday, seeking to expand its AI portfolio to bolster its data-center business.
Intel expects the fast-growing AI chip market to exceed $25 billion by 2024, with its own AI-driven revenues this year seen rising 20% from 2018 to more than $3.5 billion.
Intel has increasingly been depending on sales to data centers as PC sales stagnate.
“Habana turbo-charges our AI offerings for the data center with a high-performance training processor family and a standards-based programing environment to address evolving AI workloads,” Navin Shenoy, general manager of Intel’s data platforms group, said in a statement.
Habana, an AI processor firm, was founded in 2016 and has offices in Tel Aviv, San Jose, Beijing and Gdansk, Poland. It has raised $120 million to date, including $75 million in a funding round led by Intel Capital last year.
Source news reuters.com, click here to read the full news.