Intel is set to buy Stanford University-backed machine learning optimisation business SigOpt, which had raised at least $8.6m in funding.

SigOpt, a US-based data optimisation platform developer backed by Stanford University, has agreed to be acquired by semiconductor and data techology provider Intel in a deal of undisclosed size. Founded in 2014, SigOpt offers a cloud-based repository of Bayesian statistical algorithms that help machine learning engineers optimise artificial intelligence models. Clients input data into SigOpt’s system to fine tune parameters for automation, weighing areas of their artifcial intelligence models that could be improved against parts that already work and have been tested. Uses for the technology include refining algorithms for online advertising campaigns, insurance policies and consumer packaged goods. The transaction is expected to close before the end of 2020. Intel intends to utilise the software to improve the development suite for its AI hardware products. SigOpt’s team will move across with the acquisition to join the machine learning segment of Intel’s architecture, graphics and software team. Stanford University contributed to a $6.6m series A round for SigOpt that was led by venture firm Andreessen Horowitz in 2016, investing alongside Data Collective, SV Angel and Blumberg Capital. The funding followed a $2m seed round in 2015 co-led by Data Collective and Andreessen Horowitz. The company’s other backers include In-Q-Tel, the strategic investment affiliate of the US intelligence community, and accelerator Y Combinator.

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