Intel to Buy Artificial Intelligence Firm Nervana Systems

Intel Corp. said on Tuesday it would acquire startup Nervana Systems as the world's largest chipmaker bolsters its artificial intelligence capabilities.

San Diego, California-based Nervana will help develop Intel's artificial intelligence portfolio and enhance the deep learning performance of Intel Xeon and Intel Xeon Phi processors, the company said in a blog post.

Terms of the deal were not disclosed.

Investors in Nervana include Global Playground, CME Ventures, Lux Capital, Allen & Co. and AME Cloud Ventures.

Allen & Co. LLC is the exclusive financial adviser to Nervana in the deal.

(Reporting by Nikhil Subba in Bengaluru; Editing by Sriraj Kalluvila)

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