The Cupertino-based technology giant has reportedly paid $200 million for Xnor's acquisition, whose early investors included Seattle-based Madrona Venture Group and the University of Washington.
The startup spun out of Microsoft Corporation (NASDAQ: MSFT) co-founder Paul Allen's Seattle-based Allen Institute for AI, better known as AI2.
AI2's Kitt.ai was acquired by Chinese search engine giant Baidu inc. (NASDAQ: BIDU), GeekWire noted.
Apple confirmed the acquisition to GeekWire and other publications, with its standard response in such matters.
"Apple buys smaller technology companies from time and time and we generally do not discuss our purpose or plans," the company said.
Xnor, whose staff is already moving to Apple's office according to GeekWire, could make an appearance in Apple's near-future devices with its technology.
The startup's particular unique selling proposition is its ability to make AI work on low-powered devices, meaning it is likely to feature in Apple's devices with more limited hardware-capacity than the iPhone.
Apple's shares closed 0.43% lower at $311.34 on Wednesday.
Photo Credit: Public domain photo via Wikimedia.
See more from Benzinga
- NBA's Sacramento Kings Uses Blockchain To Ensure Fans Gets Authentic Auctioned Jerseys
- AirAsia Partners With Google To Reskill Staff, Launches Tech Academy
- 'Air Taxi' Startup Joby Gets 0M Funding From Toyota, Intel, Others
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.