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On Wednesday, Nvidia Corp (NASDAQ:NVDA) announced its acquisition of Run:ai, an Israeli startup specializing in software that simplifies the management of complex AI workloads and computing resources on a single platform.
Reports indicate a valuation between $600 million – $700 million. The acquisition marks Nvidia’s most significant in Israel since its $6.9 billion purchase of Mellanox Technologies Ltd. in 2020, the Times of Israel reports.
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Run: ai’s team will integrate into Nvidia’s expansive operations in Israel, which currently employs around 4,000 people across seven R&D centers, including Mellanox’s headquarters in Yokne’am, and locations in Tel Aviv, Jerusalem, Ra’anana, and Beersheba.
Founded in 2018 in Tel Aviv by CEO Omri Geller and CTO Ronen Dar, both postgraduate students under Professor Meir Feder at Tel Aviv University, Run:ai aimed to create a foundational layer for managing any AI workload.
To date, Run:ai has secured $118 million in funding from several investors. Geller noted that Run:ai had already collaborated with Nvidia since 2020.
In a blog post, Alexis Bjorlin, Nvidia’s VP of DGX Cloud, stated that the acquisition aims to help customers better utilize their AI computing resources.
Bjorlin also mentioned that Nvidia plans to continue selling Run: ai’s products under the existing business model and invest in the startup’s product roadmap.
Since establishing its first operations in Israel in 2016 and opening an AI research center in 2018, Nvidia has expanded significantly. The company’s R&D operations in Israel are now its most significant outside of the U.S.
In March 2022, Nvidia acquired another Israeli company, Excelero, which specializes in enterprise data storage and block storage solutions, for an undisclosed amount.
In May of the previous year, Nvidia revealed that it is developing and building Israel-1, the nation’s most potent generative AI cloud supercomputer.
Nvidia held $25.98 billion in cash and equivalents as of January 28, 2024.
Thanks to the AI frenzy, Nvidia stock gained 204% in the last 12 months. Investors can gain exposure to the stock via VanEck Semiconductor ETF (NASDAQ:SMH) and Global X Robotics & Artificial Intelligence ETF (NASDAQ:BOTZ).
Price Actions: NVDA shares traded lower by 1.84% at $781.59 premarket at the last check on Thursday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
