AMD expands its AI capabilities by acquiring Finnish startup Silo AI
Advanced Micro Devices (AMD) has announced the purchase of Finnish startup Silo AI for $665 million. This move will allow AMD to strengthen its position in the field of artificial intelligence and compete with Nvidia.
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Silo AI specialises in developing sophisticated AI-based solutions that are integrated into customers' products and services. The startup's customers include well-known companies such as Philips, Rolls-Royce and Unilever.
The acquisition will not affect AMD's current financial performance, but will open up significant business prospects for the future. The deal is expected to close in the second half of 2024, and Silo AI's management team will continue as part of AMD's Artificial Intelligence Group.
Last year, AMD acquired artificial intelligence software companies Mipsology and Nod.ai and has invested over $125 million in a dozen AI companies in the past 12 months.