Nvidia Agrees To Acquire Software Firm Shoreline

CIOTechOutlook Team | Wednesday, 19 June 2024, 06:23 IST

  • No Image
Nvidia Corp, a US based technology firm has agreed to acquire software developer startup Shoreline.io, founded by a former Amazon Web Services executive, people familiar with the situation. The contract was struck oflate and values Shoreline for approximately $100 million, as per the people, who asked not to be identified because the matter is private.
 
Situated in Redwood City, California, Shoreline makes software that searches for issues and occurrences in computer systems and helps automate processes to fix them. Anurag Gupta, who had previously worked for AWS for approximately eight years, started the business in 2019.
 
By playing a central role in the development of the computer systems necessary to create and run artificial intelligence software, Nvidia has established itself as the world's most valuable company. As a company with a market value of $3.3 trillion, it has been buying up startups but does not always disclose acquisitions that aren't important to it.
 
The technology firm has been adding new capacities including programming, organizing and pretrained AI models to make it simpler for a more extensive crowd to embrace innovation. It also wants to diversify its revenue sources away from companies like Microsoft Corp. and Amazon.com Inc., which dominate the cloud computing sector and work with Nvidia. Shoreline has raised roughly $57 million and is supported by financial backers including Dawn Capital, Insight Partners and Canvas Ventures, as per data provider PitchBook.
🍪 Do you like cookies?

We use cookies to ensure you get the best experience on our website. Read more...