Apple scoops up WaveOne, a company developing AI algorithms for compressing video

Apple has scooped up WaveOne, that was developing AI algorithms for compressing video, according to TechCrunch.

The article notes that WaveOne’s former head of sales and business development, Bob Stankosh, announced the sale in a LinkedIn post published a month ago.

“After almost two years at WaveOne, last week we finalized the sale of the company to Apple,” Stankosh wrote. “We started our journey at WaveOne, realizing that machine learning and deep learning video technology could potentially change the world. Apple saw this potential and took the opportunity to add it to their technology portfolio.”

WaveOne’s website is shuttered, but its Crunchbase profile is still up. Here’s how the company’s description reads: WaveOne is building the next generation of digital media compression. They are leveraging the latest advancements in machine learning and deep learning to create custom-tailored, context-dependent solutions.