Google Reportedly To Buy Artificial Intelligence Firm DeepMind Technologies

(RTTNews) - Internet giant Google Inc. (GOOG) has agreed to buy privately-held artificial intelligence company DeepMind Technologies Ltd. for about $400 million, reports said Sunday.

DeepMind was founded in in 2012 in London by Demis Hassabis, Shane Legg and Mustafa Suleyman. The firm uses general-purpose learning algorithms for applications like simulations, e-commerce and games.

The company is supported by some technology entrepreneurs and investors of the past decade. Its first commercial applications are in simulations, e-commerce and games.

GOOG closed down 3.1 percent on Friday at $1,123.83.