Google has acquired UK based artificial intelligence start-up DeepMind. The firm was founded by Founded by Demis Hassabis, Shane Legg and Mustafa Suleyman. Sources familiar with the development confirmed the deal and according to the reports Google is paying around $400m for DeepMind, although Google has declined reveal the financials involved in the deal. The story was first reported by Re/ code. DeepMind has only a landing page for a website where it describes its business as building learning algorithms for simulations, e-commerce and games. Profiles on LinkedIn indicate the company is about three years old.
Major technology firms such as Google, Facebook, IBM and Yahoo have been increasingly focused on developing artificial intelligence as a new source of business. Google is already developing self-driving cars and robots, and in May announced a partnership with NASA in launching the Quantum Artificial Intelligence Lab. The Quantum Artificial Intelligence Lab is aimed at using supercomputers and complex mathematical formulas to help improve aeronautical science and space exploration. Last year, the company bought military robot-maker Boston Dynamics for an unspecified sum. Earlier this month, Google bought Nest Labs in $3.2 billion, which makes ”smart home” devices, its largest-ever purchase of a private company.
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