October 12, 2021
Israel’s Hailo has announced it raised $136 million in a Series C funding round, led by Poalim Equity and Gil Agmon. The latest funding brings Hailo’s total funding to $224 million, and the company plans to use the new funds to address surging interest in its Hailo-8 AI Processor for Edge Devices, as well as develop new products and expand into 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, CEO and co-founder 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.”
The Hailo-8, with an architecture based on the neural networks of the human brain, delivers the same performance for smart devices as that provided by large data center computers, the company said. The chip allows enterprises to harness the power of AI at lower costs and higher efficiency. In light of its expanding demand, Hailo has expanded its product line, recently launching its M.2 and Mini PCIe high-performance AI acceleration modules for empowering edge devices.
“In the coming years, AI will become the defining feature for creating new business value and reshaping user experience as we know it,” said Mooly Eden, a former Intel executive. “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.”
The company said it doubled its customer base to more than 100 clients over the last two fiscal quarters of 2021 as more enterprises seek AI solutions that empower sensors and smart devices at lower costs, lower energy, and greater power. The company has expanded its global presence with new offices in Tokyo, Taipei, Munic, and Silicon Valley. The company also recently announced a partnership with Macnica, a global semiconductor distributor in Japan.
The funding round included investments from Hailo Chairman Zohar Zisapel, Swiss-based ABB Technology Ventures (ATV), London’s Latitude Ventures, Israel’s OurCrowd, and new investors, including Carasso Motors, Comasco, Shlomo Group, Talcar Corporation, and Automotive Equipment (AEV).
For more details on Hailo and its offerings, visit its website here.