Israeli proprietary chip developer for deep learning on edge devices Hailo is completing a $100 million financing round at a company valuation of $1 billion, a source close to the matter has told "Globes."
Most existing investors are participating in the financing round led by Zohar Zisapel, OurCrowd, and Delek Automotive Systems, which before the financing round had a 10% stake in Hailo, acquired for several million dollars.
Hailo, which was founded in 2017 by CEO Orr Danon, CBO Hadar Zeitlin and CTO Avi Baum, graduates of elite technology intelligence units of the Israel Defense Forces, had raised $88 million, before the latst financing round.
Hailo recently began mass production of its AI chip, which has unique architecture. The Hailo-8 innovative Structure-Defined Dataflow Architecture translates into higher performance, lower power, and minimal latency, enabling more privacy and better performance for smart devices operating at the edge, including partially autonomous vehicles, smart cameras, smartphones, drones and AR/VR platforms. The Hailo-8 features up to 26 terra operations per second (TOPS) and significantly outperforms all other edge processors with its small size, high performance, and low power consumption.
The Hailo-8 allows operations for vehicles, electrical consumer goods, smart cameras and more as well as applications like machine learning, which until now have required "heavy" servers to operate them.
Hailo is reportedly in advanced talks with car manufacturers for the installation of its chips in serial production of autonomous vehicles over the next two to three years. The company also sells its chips to computer manufacturers and is targeting markets like smart cities, industry 4.0, and more.
According to industry sources, Hailo expects $5.5 million revenue this year, rising to $190 million in 2024. The entire edge processors market is worth an estimated hundreds of billions of dollars annually.
Hailo declined to comment on the report.
Published by Globes, Israel business news - en.globes.co.il - on June 23, 2021
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