Advanced Micro Devices Inc (NASDAQ:AMD, ETR:AMD) has agreed to acquire Silo AI, described as ‘Europe’s largest private AI lab’, in a deal worth $665 million in cash.
Silo is the latest and largest AI company in AMD’s shopping cart, with the chip-maker previously spending over $125 million on ‘a dozen AI companies in the past twelve months’.
It is seen as a key addition as AMD positions itself for enterprise-focused AI business.
"Across every industry, enterprises are looking for fast and effective ways to develop and deploy AI solutions for their unique business needs,” AMD senior vice president for artificial intelligence Vamsi Boppana said in a statement.
“Silo AI’s team of trusted AI experts and proven experience developing leadership AI models and solutions, including state-of-the-art LLMs built on AMD platforms, will further accelerate our AI strategy and advance the build-out and rapid implementation of AI solutions for our global customers."
Silo chief executive and co-founder Peter Sarlin, meanwhile, commented: “our mission from the start has been to build an AI flagship company.
“Today's announcement is a logical next step in that pursuit as we join forces with AMD to shape the future of AI computing.”
“We have a well-established history of building successful AI products and delivering value to our customers.
“We look forward to becoming part of AMD to further scale our impact and develop enterprise solutions and AI models that address the most complex challenges with deploying AI at scale today.”
Finland-headquartered Silo works with enterprise partners to deploy artificial intelligence solutions and projects with its client list including the global brands such as Rolls Royce, Unilever, Allianz, and Philips.
AMD shares traded 3.15% higher in New York, rising $5.65 to change hands at $182.75.