In June 2022 Altor invested and partnered with Silo AI, a private AI lab based out of Helsinki, Finland. The ambition was to build a leading European AI flagship.

On July 10, 2024, AMD (NASDAQ: AMD) announced the signing of a definitive agreement to acquire Silo AI, which now has become the largest private AI lab in Europe, in an all-cash transaction valued at $665 million. The Silo AI team consists of world-class AI scientists and engineers with extensive experience developing tailored AI models, platforms and solutions for leading enterprises spanning cloud, embedded and endpoint computing markets.

Silo AI CEO and co-founder Peter Sarlin will continue to lead the Silo AI team as part of the AMD Artificial Intelligence Group. The acquisition is expected to close in the second half of 2024.

“We are really proud of the partnership with Silo AI and it is astonishing what they have been able to accomplish during the past years,” said Mattias Holmström, Partner and head of the Tech Sector at Altor. “This combination is a testament to the great franchise that Peter, Tero and the rest of the Silo AI team and board have built. We think AMD is an excellent new owner and we wish them the best on their future endeavours” said Stian Tuv, Principal at Altor.

“At Silo AI, our mission from the start has been to build an AI flagship company. Today’s announcement is a logical next step in that pursuit as we join forces with AMD to shape the future of AI computing,” said Peter Sarlin, CEO and co-founder of Silo AI. “Since we partnered with Altor in 2022, we have reached many milestones and succeeded in building Silo AI into a leading European AI flagship. We have had a fantastic journey with Altor and now we look forward to further scale our impact and reach new heights”