Benzinga | Dec 8, 2021 11:35AM EST

Qualcomm AI Chip Head Departs To Lead Michigan-Based AI Chip Startup

* Qualcomm Inc (NASDAQ:QCOM) executive Keith Kressin, who was supervising artificial intelligence chip development, has departed to become the CEO of MemryX, Reuters reports.

* MemryX, founded in 2019 by University of Michigan professors, is working on its second generation of a chip aimed at helping cameras in cars and factory robots recognize objects, a field called computer vision.

* Kressin chose MemryX, which has only 30 employees, because he believes the startup solves a fundamental problem in making artificial intelligence work in the real world.

* MemryX said Lu, the co-founder who served as CEO previously, will remain Chairman of the board and become CTO.

* Kressin relocated from Qualcomm's home in San Diego, California, to MemryX's headquarters in Ann Arbor, Michigan.

* The startup aims to cultivate customers among carmakers, who are rapidly adding chips to vehicles.

* MemryX aims to offer a chip that does not need hand-tuning.

* Price Action: QCOM shares traded lower by 0.42% at $182.95 in the market session on the last check Wednesday.