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United States : NERVANA SYSTEMS raised $3.3 million

August 30, 2014

A San Diego startup working on artificial intelligence computing technology, Nervana Systems, said that it raised $3.3 million in a first round of venture capital financing.

The funding was led by DFJ, a longtime Silicon Valley venture fund that put money into Skype, Twitter and Tesla Motors, and among others before. Steve Jurvetson, a DFJ partner, will join Nervana s board of directors.

Current investor Allen & Co took part in the funding round. It was joined by Yahoo co-founder Fuel Capital and Jerry Yang s AME Cloud Ventures, both based in the Bay Area.

Nervana developing specialized hardware for machine learning algorithms so computers can analyze large amounts of data and learn from it.

Jurvetson, the DFJ partner, said in a statement, Machine learning is the underlying technology that makes the explosion of big data manageable, with a technology sufficiently advanced as to appear magical at the first encounter.

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Source: TendersInfo (India)

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