Israel-based AI chipmaker Hailo has raised USD 136 million in a Series C funding round led by Poalim Equity and Gil Agmon, CEO and main share holder of Delek Motors, the company announced on Tuesday.
The round was joined by existing investors, including prominent Israeli entrepreneur and Hailo chairman Zohar Zisapel, Swiss-based ABB Technology Ventures, London’s Latitude Ventures and Israel’s OurCrowd. New investors included Carasso Motors, Comasco, Shlomo Group, Talcar Corporation, and Automotive Equipment Group.
The round brings Hailo’s total funding to USD 224 million.
The funding will be used to address surging interest in the Hailo-8 AI processor for edge devices, allowing the company to further develop its next-generation products and expand into both new and existing global markets, the company said.
The AI-focused, Israel-based chipmaker Hailo has developed a specialized AI processor that delivers the performance of a data center-class computer to edge devices. Hailo’s AI processor “reimagines” traditional computer architecture, enabling smart devices to perform sophisticated deep learning tasks such as object detection and segmentation in real-time, with minimal power consumption, size, and cost, the company says.
Supported by its Hailo-8 M.2 and Mini PCIe high-performance AI acceleration modules, the deep learning processor is designed to fit into a multitude of smart machines and devices, impacting a wide variety of sectors, including automotive, industry 4.0, smart cities, smart homes, and retail.
Hailo has expanded its presence globally over the last year, opening offices in Tokyo, Taipei, Munich, and Silicon Valley. The company has also recently announced a partnership with Macnica, a leading global semiconductor distributor in Japan.
“We are honored by this milestone round for an edge AI chip company and will use these significant resources to accelerate our aggressive plan to make advanced AI edge solutions more accessible to industries across the globe,” said Orr Danon, CEO and co-founder of Hailo.
“This tremendous support is a testament to our unparalleled edge AI product line, and we look forward to empowering even smarter and swifter devices, and thus, a more robust future powered by AI.
The article was originally published by NoCamels, a leading news website covering breakthrough innovation from Israel for a global audience.