Apple Buys Edge AI Experts Xnor.ai For a Reported $200 Million

Apple Buys Edge AI Experts Xnor.ai For a Reported $200 Million
17.01.2020 11:29 am

Apple Buys Edge AI Experts Xnor.ai For a Reported $200 Million

Artificial Intelligence

Apple has acquired Seattle-based edge AI experts Xnor.ai for a reported $200 million.

If you recognise Xnor.ai, it’s likely because the company’s technology once powered the person-detection feature on Wyze’s popular cameras. Xnor.ai abruptly cancelled their contract with Wyze back in November – and now we know why.

In layman’s terms, edge computing means the processing is done on-device. On-device computation has significant advantages when it comes to reducing latency, improving performance, and retaining privacy.

Apple makes a big deal out of its privacy credentials. When people are becoming increasingly concerned about the data collection practices of competitors like Google, Amazon, and Microsoft, it’s a strategy that works.

Compared to all three of those cloud-focused competitors, many believe Apple has fallen behind when it comes to AI. With its Xnor.ai acquisition, Apple can boost its AI capabilities while saying that it’s protecting customers’ privacy by not sending it all up to the cloud like its rivals often do.

Xnor.ai started its journey as part of the nonprofit Allen Institute for AI. In 2017, the company spun off as its own entity headed by CEO Ali Farhadi.

While small change compared to what Apple acquired it for, Xnor.ai had already raised significant capital. In early 2017, it raised $2.7 million. In 2018, it raised $12 million. Both rounds were led by Madrona Venture Group.

Apple has been on something of an AI acquisition spree in recent years. In fact, a report by CBInsights last year found that Apple acquired more AI firms (20) than any other leading tech company in 2019. Google took second place with 14 acquisitions, followed by Microsoft with 10.

Related News

Sidetrade Joins the Ranks of Euronext’s Rising Tech Stars

Sidetrade (Euronext Growth: ALBFR.PA), the artificial intelligence platform dedicated to accelerating company revenue and cashflow, has earned the European Rising... Read more »

QuantaVerse offers AI-powered country code derivation to enable financial institutions to experience the potential of automated entity resolution

QuantaVerse, which uses AI and machine learning to automate financial crime investigation processes, is now offering the country code... Read more »

Ethically accelerating businesses with the use of Artificial Intelligence

Businesses have an opportunity to discover the opportunities and challenges as well as benefits of Artificial Intelligence in a free Immersive Tech Session on Monday 6th of... Read more »

FICO Awarded 13 New Patents for Responsible AI, Fraud and Decision Management

Silicon Valley analytic software firm FICO has been awarded 13 new patents related to fraud, artificial intelligence (AI) and decision management. In total, FICO currently... Read more »

Demand for AI-based identification grows in 2020

... Read more »

EQ partners with Encompass to bolster KYC offering

EQ (Equiniti), an international technology-led services and payments specialist, is delighted to announce that it has partnered with Encompass to further bolster its KYC... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel