Israeli artificial intelligence-powered chip manufacturing company Hailo raises $136 million in its series C funding round led by Poalim Equity and Gil Agmor. Many other investors, including Zohar Zisapel, ABB Technology Ventures, Latitude Ventures, OurCrowd, Carasso Motors, Shlomo Group, Talcar Corporation, and Comasco, also participated in the funding round.
The company plans to use the fresh funds to boost its product development process of artificial intelligence processors and expand into different markets at a global level. Hailo addressed the rising demand for AI processors and will meticulously work in this direction to offer better and improved products to its customers.
Furthermore, Hailo announced that former vice president of Intel, Mooly Eden, will join the company’s board of directors, and former CEO of Mellanox Technologies, Eyal Waldman, will plan Hailo’s advisory board.
Read More: Manchester United appoints its First Data Science Director
“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,” said co-founder and CEO of Hailo, Orr Danon.
He further added that the funds would help Hailo accelerate its plans to make artificial intelligence-powered edge solutions more accessible to various industries worldwide. The company is witnessing a surge in demand for its Hailo-8 AI processor for edge computing, and it aims to meet the market demand soon.
Tel Aviv-based processor manufacturing firm Hailo was founded by Avi Baum, Hadar Zeitlin, and Orr Danon in the year 2017. The startup specializes in developing deep learning and artificial intelligence-powered processors that offer data-center class computing capabilities for edge devices. Till date, the company has raised over $223 million over six funding rounds. Mooly Eden said,
“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 also mentioned Halio has the capability of bringing high-end AI technologies to the market that would help it to establish a strong position in the market.