American semiconductor manufacturer AMD will buy the largest private artificial intelligence (AI) laboratory in Europe , the Finnish company Silo AI, for approximately USD 665 million. Both companies announced this in a press release.
The Finnish company's clients include Allianz, Philips, Rolls-Royce and Unilever.
Funds will be paid in cash as specified in the announcement.
Silo AI CEO and co-founder Peter Sarlin will continue to lead the company. The acquisition is expected to close in the second half of 2024, the statement noted.
Silo AI was founded in 2017 and is located in Helsinki. The company provides the latest knowledge and tools in the field of artificial intelligence, having so far implemented more than 200 production-level AI projects with a team of more than 300 employees, 50% of whom hold PhDs, according to the company's website.