Chip maker Hailo today announced that it has raised $136 million in Series C funding. The Tel Aviv, Israel-based company said it plans to use the investment to further develop its artificial intelligence processors and expand into both new and existing global markets.
“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, co-founder and CEO 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.”
Hailo supports deep learning for multiple sectors
The company claimed that its Hailo-8 specialized AI processor can deliver the performance of a data center-class computer to edge devices. It said its deep learning processor is designed to fit into numerous smart machines and devices.
Hailo added that it has “reimagined 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 said it has responded to expanding demand with new products such as the Hailo-8 M.2 and Mini PCIe high-performance AI acceleration modules for edge devices. Hailo said sectors including automotive, Industry 4.0, smart cities, smart homes, and retail can benefit from them.
Series C a big deal in edge AI
Poalim Equity and Gil Agmon led Hailo's Series C round, which brings its total funding to $224 million. Hailo said its Series C round is the largest in the edge AI chip space to date.
Existing investors, including Israeli entrepreneur and Hailo Chairman Zohar Zisapel, ABB Technology Ventures (ATV), London's Latitude Ventures, and Israel's OurCrowd participated.
New investors, including Carasso Motors, Comasco, Shlomo Group, Talcar Corporation Ltd., and Automotive Equipment (AEV), joined the round.
In addition, Mooly Eden, former senior vice president at Intel Corp., will join Hailo's board of directors, and Eyal Waldman, co-founder and former CEO of Mellanox Technologies, will join its advisory board.
“In the coming years, AI will become the defining feature for creating new business value and reshaping user experience as we know it,” said Eden. “The ability to bring AI-based features to market will increasingly be the deciding factor over whether companies succeed or fail
“Hailo's innovative and hyper-efficient processor architecture addresses the growing demand for a new kind of chip to handle these new types of workloads, challenging traditional computing solutions,” he said.
Hailo has doubled its customer base to more than 100 clients over the last two fiscal quarters of 2021 as more enterprises seek out AI solutions that empower sensors and smart devices at lower costs, lower energy, and greater power.
The company has expanded its presence globally over the past year, opening offices in Tokyo, Taipei, Munich, and Silicon Valley. In addition, Hailo recently announced a partnership with Macnica, a leading global semiconductor distributor in Japan.