Google Waives $1.5 Billion DeepMind Loan as AI Costs Mount
- DeepMind revenue more than doubles on sales to parent
- U.K. firm’s AI technology has made a number of breakthroughs
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Alphabet Inc.’s Google waived a 1.1 billion-pound loan ($1.5 billion) to DeepMind Technologies Ltd. in 2019 after the U.K.-based artificial intelligence lab continued to ramp up the scale of its research and development.
Revenue jumped 158% in 2019, DeepMind said in a financial filing this week. Sales were 265.5 million pounds, up from 102.8 million pounds a year earlier. Its losses also widened, increasing 1.4% to 476.6 million pounds.