Nervana Systems Acquired By Intel For $350M

San Diego-based Nervana Systems, a developer of artificial intelligence and "deep learning" technology, has been acquired by Intel, in a deal that is reportedly worth $350M. Nervana, which is led by Naveen Rao, was backed by DFJ, Data Collective,Playground Global, CME Ventures, Lux Capital, Allen & Co, AME Cloud Ventures, Fuel Capital, Omidyar Technology Ventures, SV Angel, and others. Nervana will continue to operate out of its headquarters in San Diego. Nervana was working on artificial intelligence software and hardware.