Artificial intelligence (AI) chipmaker Hailo has recently announced a $136 million, Series C funding round. The financing was led by Poalim Equity and Gil Agmon, with the participation of existing investors Zohar Zisapel (Hailo Chairman), Swiss-based ABB Technology Ventures (ATV), London’s Latitude Ventures, and Israel’s OurCrowd.
New investors also joined the funding round, including Carasso Motors, Comasco, Shlomo Group, Talcar Corporation Ltd., and Automotive Equipment (AEV).
The Series C funding brings the total raised by Hailo to $224 million and will enable the company to reportedly invest in further developing its Hailo-8 AI Processor for Edge Devices.
Together with the news of the investment, Hailo also revealed that Mooly Eden, former Senior VP at Intel Corporation, will join Hailo’s board of directors, and Eyal Waldman, co-founder and former CEO of Mellanox Technologies, will join its advisory board.
Commenting on the news, Hailo’s CEO Orr Danon said the funding round comes at a time of great demand for AI chips.
“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,” Danon stated.
In terms of specifications, Hailo-8 adopts an architecture said to be inspired by the neural networks of the human brain.
The device is designed to deliver more performant AI solutions that are capable of running at the edge, as opposed to being powered by large data centers.
“The ability to bring AI-based features to market will increasingly be the deciding factor over whether companies succeed or fail,” Mooly Eden explained.
“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 added.
Hailo has been particularly active in the second half of 2021, partnering with Vecow in July to build fanless edge AI systems, and with Macnica in September, to distribute Hailo’s AI chips in Japan.
More recently, the firm also joined forces with MicroSys Electronics to launch an embedded platform capable of hosting up to five Hailo-8 modules.
ABB | artificial intelligence | chip | edge AI | Hailo.AI | Intel