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Intel to Buy Artificial Intelligence Firm Nervana Systems

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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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