What: Google has closed an US $400 million deal to acquire the artificial intelligence company, DeepMind.
Why it matters: DeepMind’s hiring will help Google compete against other tech companies and gain business advantages.
The deal was first confirmed to Re/code by Google, but they declined to specify a price. The purchase is part of an artificial intelligence talent acquisition and was led by Google CEO Larry Page. DeepMind’s hiring will help Google compete against other tech companies and gain business advantages as they all focus on deep learning.
DeepMind is a three-year old company based in London. It was originally founded by games prodigy and neuroscientist Demis Hassabis, along with Shane Legg and Mustafa Suleyman.
With 75 employees and US$ 50 million in funding, DeepMind is considered to be one of the last large independent companies with a strong focus on artificial intelligence .
DeepMind has a 50 people team and has secured more than US $ 50 million in funding.With 75 employees,the company is considered to be one of the last large independent companies with a strong focus on artificial intelligence that competed with companies such as Google, Facebook and Baidu for talent.Founders Fund and Horizons Ventures are DeepMind’s major investors. Skype and Kazaa developer Jaan Tallinn was an investor and adviser (not a founder).
There are other Google AI experts like Jeff Dean and Anna Patterson. The company has lately hired Geoffrey Hinton and has been recently developing different approaches to AI and applying them to potential products including a recommendation system for e-commerce.
It has also agreed to establish an ethics board to safeguard DeepMind’s artificial intelligence technology isn’t abused.