Hi there, I’m Kavita Iyer, and I’m excited to share some significant news from AMD (Advanced Micro Devices). On Wednesday, we announced that we’ve entered into a definitive agreement to acquire Silo AI, a leading AI start-up based in Finland. This all-cash deal is valued at approximately $665 million.
This acquisition is a major move for us as we look to bolster our position against industry giant Nvidia in the high-performance AI chip space. We see this as a crucial step in our strategy to offer comprehensive AI solutions built on open standards, and to strengthen our partnerships within the global AI ecosystem.
Bringing Silo AI into the AMD family will accelerate our ability to develop and deploy AI models and software solutions worldwide. This means that our potential customers will have the tools to create complex AI models using AMD chips.
As Vamsi Boppana, our Senior Vice President, put it, “Across every industry, enterprises are looking for fast and effective ways to develop and deploy AI solutions for their unique business needs. Silo AI’s team of trusted AI experts and their proven track record in developing leading AI models and solutions, including state-of-the-art language models built on AMD platforms, will further accelerate our AI strategy and advance the implementation of AI solutions for our global customers.
“For those unfamiliar, Silo AI specializes in creating end-to-end AI-driven solutions that help customers seamlessly integrate AI into their products, services, and operations. Their impressive client list includes Allianz, Philips, Rolls-Royce, and Unilever. They also produce cutting-edge open-source multilingual language models, such as Poro and Viking, on our platforms.
Peter Sarlin, CEO and co-founder of Silo AI, will continue to lead his team within our AMD Artificial Intelligence Group, reporting to Vamsi Boppana. We expect the deal to close in the second half of 2024, pending regulatory approval.
Peter Sarlin shared his excitement about the acquisition, stating, “At Silo AI, 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.
This acquisition is part of a broader strategy here at AMD. Over the past year, we’ve invested over $125 million in a dozen AI companies and acquired other AI software firms, such as Mipsology and Nod.ai, to expand our AI ecosystem.
We’re excited about the future and the innovative solutions we’ll be able to offer with the addition of Silo AI to our team.