The Strategist

Apple forks out nearly $200Mln for AI startup

01/16/2020 - 08:21

The American corporation Apple bought Xnor technology company for almost $ 200 million, the Financial Times (FT) newspaper reported, citing sources. Xnor is a startup specializing in launching artificial intelligence (AI) systems for smart devices that can work offline and access cloud data.

According to the newspaper sources, Amazon, Microsoft and Intel also bid for the startup. Apple’s proposal was more significant, the source said.

As one of the sources familiar with the Xnor technology told the publication, the startup’s AI developed for smart devices will be able to allow the company's customers to fully control their personal data. Also, with Xnor technology, mission-critical applications can continue to work even if they lose their connection to the cloud, for example, in cars without a driver.

Buying Xnor can be an important part of the company's marketing activities, as it tries to differentiate itself from Google and Facebook, FT sources say. Apple itself declined to comment on the startup’s acquisition.