Red Hat is Acquiring AI Optimization Startup Neural Magic

Red Hat, the IBM-owned open source software firm, is acquiring Neural Magic, a startup that optimizes AI models to run faster on commodity processors and GPUs. From a report: The terms of the deal weren't disclosed. MIT research scientist Alex Matveev and professor Nir Shavit founded Somerville, Massachusetts-based Neural Magic in 2018, inspired by their work in high-performance execution engines for AI. Neural Magic's software aims to process AI workloads on processors and GPUs at speeds equivalent to specialized AI chips (e.g. TPUs). By running models on off-the-shelf processors, which usually have more available memory, the company's software can realize these performance gains.

Big tech companies like AMD and a host of other startups, including NeuReality, Deci, CoCoPie, OctoML and DeepCube, offer some sort of AI optimization software. But Neural Magic is one of the few with a free platform and a collection of open source tools to complement it. Neural Magic had so far managed to raise $50 million in venture capital from backers like Andreessen Horowitz, New Enterprise Associations, Amdocs, Comcast Ventures, Pillar VC and Ridgeline Ventures.

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