Israeli startup NeuroBlade announced on Wednesday that it has raised USD 83 million in a Series B funding round led by Corner Ventures, with contribution from Intel Capital, and supported by current investors StageOne Ventures, Grove Ventures, and Marius Nacht, a co-founder of Check Point Software Technologies.
This new injection of funds takes the total capital investment in NeuroBlade to USD 110 million after its emergence from stealth mode “to bring the first generation of its AI chip to the market.”
According to a company statement, the financing will be put toward aiding the startup to expand its engineering teams in Tel Aviv and build out its sales and marketing teams globally.
The company says that its goal is to fundamentally change the way large data volume workloads are processed. It has developed a new data analytics architecture that eliminates major data movement bottlenecks, better known as processing-in-memory (PIM), which enables better and faster data processing.
The startup understood that existing system architectures were not designed to handle the volume of data they currently deal with, and that the constant shuffling of data between storage, memory, and central processing is the primary cause of poor application performance and slow response times.
NeuroBlade now employs more than 100 people, and has now begun shipping its data accelerator to leading-edge customers and partners worldwide.
“We invented a new building block in computer architecture so organizations can quickly answer critical problems facing society and vastly improve business opportunities,” said Elad Sity, CEO and co-founder of NeuroBlade. “Our team is at the core of this success. Together, we built a data analytics accelerator that speeds up processing and analyzing data over 100 times faster than existing systems. Based on our patented XRAM technology, we provide a radically improved end-to-end system for the data center.”
“We think that this market is poised for explosive growth and NeuroBlade looks to have a promising journey ahead,” said Lance Weaver, vice president and general manager of data center and cloud strategy at Intel. “Intel is proud to power NeuroBlade’s platform with our portfolio of products.”
Elad Sity, the company’s CEO, and Eliad Hillel, VP of product strategy and CTO, and both graduates of the technological unit of Israel’s Intelligence Corps and former employees of SolarEdge. They co-founded NeuroBlade in 2018 with the stated goal of speeding up the process of generating data insights by freeing analytics from memory constraints.
The article was originally published by NoCamels, a leading news website covering breakthrough innovation from Israel for a global audience.