Apple quietly acquired Hyderabad based AI startup

HYDERABAD: Apple quietly acquired a little-known Hyderabad-based startup a few months ago for an undisclosed amount and while little is known about what Tuplejump does, the word is that this is part of the Cupertino-based giant’s exploration into artificial intelligence. Known in the trade as an acqui-hire, nearly all of Tuplejump’s 16 employees are in the process of becoming Apple staffers. A back-of-the-envelope calculation by an expert put the valuation at about $20 million (Rs 27 crore). “When there is a talent hire, the cost of hiring is usually calculated based on the last few years’ salary,” the expert said. “So, for a 16-member team, I think it would probably come up to around $4 million a year — making this deal for something around $20 million (including for possible…

Link to Full Article: Apple quietly acquired Hyderabad based AI startup

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