Published on : May 27, 2016
Looking to develop improved navigation for self-driving cars, Intel has just bought Itseez, a startup dealing with computer vision and machine learning. The amount at which the company was acquired has not been disclosed.
Itseez Offers Host of Advanced Automobile Algorithms
San Francisco-based Itseez was founded in 2005 and makes computer vision software and algorithms. The firm’s product portfolio includes a host of automobile algorithms termed advanced driver assistance systems. This system enables car hardware to warn drivers about potential collisions and also recognizes traffic signs and pedestrians. Itseez also develops algorithms for surveillance, robotics, sports, and smartphones analytics.
Intel on Company-Purchasing Spree
The purchase of Itseez comes just a month after Intel acquired another Internet of Things related company Yogitech. Italy based Yogitech deals with the functional safety of semiconductors and ensures that the chips that help power autonomous vehicles are working smoothly and efficiently. In 2015, Intel also acquired Lantiq, a Germany based company that manufactures chips for smart devices. Even though Intel already makes software, chips, and a development kit especially for self-driving cars, this acquisition has further strengthened its position in the industry.
Acquisition of Itseez Part of Intel’s Strategic Shift
Last month, Intel announced a strategic shift from being a PC chip maker to focusing on the Internet of Things, cloud computing, and analyzing information from all those devices. The acquisition of Itseez is a part of this strategic shift. Intel’s Internet of Things and data center businesses account for 40 per cent of the company’s total revenue, a source from the firm revealed, and these two have already become Intel’s leading growth drivers. In fact, last year, these businesses helped Intel overcome a massive decline in the PC market by generating a revenue of US$ 2.2 billion.
Even though the restructuring activities has tremendously helped Intel as a company, it has meant large-scale job cuts. An 11 per cent of the overall workforce, amounting to 12,000 employees, has been laid off as a consequence of this “restructuring”.