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Google Waives $1.5B in DeepMind Startup Debt

Lavern Vogel 4 weeks ago

Google carries on to greatly subsidize its DeepMind synthetic intelligence startup, creating off $1.5 billion in financial debt as losses grew.

According to a filing with the U.K.’s Companies Household, DeepMind’s revenue more than doubled from 103 million lbs . ($140 million) in 2018 to 266 million lbs . ($362 million) in 2019.

The company’s reduction rose to 477 million lbs . ($649 million) from 470 million ($640 million). But during 2019, Google waived the reimbursement of intercompany financial loans and all accrued interest. That amounted to 1.1 billion lbs . ($1.5 billion).

The financial debt waiver “underscores Google’s commitment to its investment in DeepMind, with minor indicator the burgeoning startup is very likely to flip a earnings any time before long,” Small business Insider stated.

Google acquired DeepMind for close to $600 million in 2014 and has so far invested roughly $two billion in the startup, which has centered

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Lavern Vogel 2 months ago

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