AMD is to acquire Finnish AI startup Silo AI for about $665 million in cash as it seeks to expand its AI capabilities to compete with NVIDIA. This was reported by Reuters.
The acquisition of Silo AI will allow AMD to improve the development and deployment of AI models, as well as enable potential customers to create complex AI models based on the company's chips.
Silo AI will also strengthen AMD's software development capabilities. The deal, which is expected to close in the second half of 2024, will not affect AMD's financial performance.
At the same time, AMD Senior Vice President of Artificial Intelligence Vamsi Boppana said that it "unlocks a significant amount of business moving forward."
Silo AI is based in Helsinki, Finland, and specializes in end-to-end AI solutions that help customers integrate technology into their products and services. The startup operates in Europe and North America, and its clients include Philips, Rolls-Royce, and Unilever.
The acquisition is the latest step in a series of moves by AMD to expand its presence in the artificial intelligence space. Last year, the company acquired Mipsology and Nod.ai, which develop AI software, and over the past 12 months, it has invested more than $125 million in various companies in this area.