Google has acquired London-based start-up DeepMind to expand further into the field of artificial intelligence. Google paid more than Pounds Sterling 400 million (US$660 million) for the start-up. DeepMind investors include Founders Fund, the venture capital firm run by former PayPal executive Peter Thiel, and Horizons Ventures. Google reportedly beat Facebook to the deal.
DeepMind posted a loss of £2m in the year to the end of December 2012, according to filings at Companies House, on a net book value of £375,084.
DeepMind says to be a cutting edge artificial intelligence company. The company is not very transparent and has a one page website stating that it combines the best techniques from machine learning and systems neuroscience to build powerful general-purpose learning algorithms.
Founded by Demis Hassabis, Shane Legg and Mustafa Suleyman, the company is based in London and supported by some of the most iconic technology entrepreneurs and investors of the past decade. Its first commercial applications were in simulations, e-commerce and games.
DeepMind states in its website that is always interested to hear from exceptionally talented machine learning researchers and software engineers inviting them to be part of a world-class team working on ground-breaking technology in an inspiring and collaborative environment.
What will be Google’s gain once its founders walk off with their new wealth? Google believes it now owns a world-leading machine learning technology. Let us see what they will make of it.
Source: USAToday and Company Website