America

Artificial Intelligence

Mistral AI

U.S. chipmaker Advanced Micro Devices (AMD) will acquire Finland-based artificial intelligence startup Silo AI for $665 million, the company announced on Wednesday. The all-cash deal is said to be the largest of any privately owned AI company in Europe in a decade. 
Also read: <a href="https://www.cryptopolitan.com/europes-ai-act-gets-final-approval/">Europe’s AI Act gets final approval with up to $38M Fines</a> 
Silo AI CEO Peter Sarlin will continue to lead Silo’s team of 300 staff members as part of the AMD Artificial Intelligence Group, the company said. The deal is expected to close later this year, subject to regulatory approval. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 As a next step on our journey, Silo AI is excited to announce that we’ve joined forces with <a href="https://twitter.com/AMD?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@AMD</a>. Silo AI and AMD have an aligned mission to create a global leader that will shape the future of computing. Please find below a link to the press release.<a href="https://t.co/WuGOGEzwUY" rel="nofollow" target="_blank">https://t.co/WuGOGEzwUY</a> <a href="https://t.co/vKfezJnWjQ" rel="nofollow" target="_blank">pic.twitter.com/vKfezJnWjQ</a> 
 — Silo AI (@silo_AI) <a href="https://twitter.com/silo_AI/status/1811026344651710785?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">July 10, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h3 id="span-style-font-weight-400-silo-ai-to-build-custom-llms-for-amd-span">Silo AI to build custom LLMs for AMD</h3> 
Silo AI will use its software tools to build custom large language models (LLMs) – the tech that underpins ChatGPT – for AMD, the Financial Times <a href="https://www.ft.com/content/7b8d2057-2687-45b3-bae4-1488a75ac5b2" rel="nofollow noopener" target="_blank">reported</a>. Vamsi Boppana, senior VP of AMD’s artificial intelligence group, <a href="https://www.silo.ai/blog/amd-to-acquire-silo-ai-to-expand-enterprise-ai-solutions-globally" rel="nofollow noopener" target="_blank">said</a> the deal will help AMD improve the building and sale of AMD-powered AI models. 
<blockquote>
 “Silo’s team of AI experts…will further accelerate our AI strategy and advance the build-out and rapid implementation of AI solutions for our global customers,” Boppana said in a statement.
</blockquote> 
The acquisition is the largest such takeover of an AI company in Europe since Google bought DeepMind for £400 million in 2014, FT reported, citing data from Dealroom. It comes as the AI race heats up, with AMD keen to expand its AI product offerings to compete with Nvidia. 
<h3 id="span-style-font-weight-400-amd-s-ai-focus-deepens-span">AMD’s AI focus deepens&nbsp;&nbsp;</h3> 
Silo AI is the latest in a series of acquisitions by AMD. Over the past 12 years, the company spent $125 million “across a dozen AI companies” and also bought Mipsology and Nod.ai “to expand the AMD AI ecosystem,” it says. 
Also read: <a href="https://www.cryptopolitan.com/french-startup-mistral-ai-raises-650m/">French startup Mistral AI raises $650M to rival OpenAI</a> 
Helsinki-based Silo AI specializes in end-to-end AI-driven solutions that help customers integrate AI into their products, services, and operations. The Finnish company has operations in Europe and North America and counts Allianz, Philips, Rolls-Royce, and Unilever as its customers. 
Silo AI also creates advanced open-source LLMs, like Poro and Viking, in many European languages. The models are built using AMD’s technology and Silo AI’s proprietary platforms. Silo CEO Sarlin said the transaction is a “logical next step” in their goal of becoming “a flagship AI company.” 
&nbsp;

AMD to acquire European startup Silo AI for $665 million

Table of Contents

Cryptopolitan_News

Other articles published on Jul 11, 2024

Mocaverse (MOCA) Secures Major Listings, Offers Unique Omni-Chain Feature

Malaysia Plans Crackdown on Bitcoin Miners Amidst Illegal Mining Surge

OPSEC crypto plummets 89% amid security breach, details here

Best Presale in July 2024: Investors Bid Farewell To Algorand and EOS As MoonBag Makes A Groundbr...

Bitcoin Evangelist Mooch Accused of Holding Clients’ Cash Captive

Top Airdrops for July: Claim Free Tokens

Join our free newsletter for daily crypto updates!