Israeli proprietary chip developer for deep learning on edge devices Hailo has raised $60 million in a Series B financing round led by existing investors. The round was joined by new strategic investors including ABB Technology Ventures (ATV), NEC Corporation and London-based venture capital firm Latitude Ventures. This latest financing round brings the total amount raised by Hailo to $88 million.
The funding will be used by Hailo for the global launch and marketing of its Hailo-8 Deep Learning chip.
The Tel Aviv based company was founded by CEO Orr Danon, chief business development officer Hadar Zeitlin and CTO Avi Baum while investor Zohar Zisapel serves as chairman.
Zisapel said, "Hailo’s Deep Learning chip is a real gamechanger in industries such as automotive, industry 4.0, robotics, smart cities, and many more. A new age of AI chips means a new age of computing capabilities at the edge, and we are excited to lead this transformation."
Danon added, "This immense vote of confidence from our new strategic and financial investors, along with existing ones, is a testimony to our breakthrough innovation and market potential. The new funding will help us expedite the deployment of new levels of edge computing capabilities in smart devices and intelligent industries around the world, including areas such as mobility, smart cities, industrial automation, smart retail and beyond."
With an innovative chip architecture that relies on the core properties of neural networks, Hailo’s chip empowers devices to perform Deep Learning applications that could previously run only on the cloud. 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 tera operations per second (TOPS) and significantly outperforms all other edge processors with its small size, high performance, and low power consumption.
Published by Globes, Israel business news - en.globes.co.il - on March 5, 2020
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