Xnor.ai which was created by the nonprofit Allen Institute for AI (AI2) has been reported to have been acquired by Apple for a cost of $200 million.
The report was confirmed after an official statement by Apple that could have intended to discuss the quiet acquisition:
“Apple buys smaller technology companies from time to time and we generally do not discuss our purpose or plans.”
According to a news report from TechCrunch, Xnor.ai began could run on even the lowest tier of hardware on earth and as well as things like embedded electronics in security cameras that use only a modicum of power. In addition, Xnor’s algorithms could be used to accomplish tasks like object recognition that might at times require a powerful processor or connection to the cloud.
It was reported that Xnor raised a sum of $2.7M in early 2017 and $12M in 2018, both years overseen by Seattle’s Madrona Venture Group.
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