Israeli deep learning chip developer Hailo has raised a further $8.5 million in its Series A financing round led by Chinese venture capital firm Glory Ventures and with the participation of existing and other new investors. This expands Hailo's Series A financing round to $21 million and brings the total amount raised by the company to $24.5 million. Previous investors include OurCrowd, Maniv Mobility, the Drive accelerator fund, Next Gear; and angel investors, Hailo Chairman Zohar Zisapel and Delek Motors CEO Gil Agmon.
The investment will enable the company to expand its target markets into China and Hong Kong, complementing its existing markets in Europe, North America, Japan and Korea.
Hailo is developing a breakthrough microprocessor based on a disruptive proprietary technology for deep learning applications that will deliver data center performance to edge devices. Hailo's processor is designed to fit into embedded devices enabling them to process high-resolution video and other high-throughput streams in real-time using state-of-the-art deep learning algorithms while operating at reduced power consumption, size and cost.
Hailo is also opening registration for the Hailo-8 Fast Track program to select customers and is offering these customers the opportunity to evaluate the initial samples of its high-performance, low-power and small-size Hailo-8 deep learning processor.
Program participants from various sectors will also be able to develop and prototype their own deep learning products based on the Hailo-8 processor. Beyond the value it delivers to its strategic focus, the automotive market, Hailo's breakthrough processor technology serves deep learning applications in a wide range of other markets including surveillance, smart home, IoT and industrial, as well as robotics, AR/VR platforms and wearables.
Hailo was founded by CEO Orr Danon, chief business development officer Hadar Zeitlin and CTO Avi Baum
Danon said, "The expansion of our Series A round and the addition of Glory Ventures to our investor roll boosts our ability to bring out innovative, powerful and resilient deep learning processors for edge devices, and helps us target the strategic markets of China and Hong Kong. The upcoming samples of our Hailo-8 processor will help players in multiple markets overcome the daunting barriers of sufficiently low power consumption, size and cost which currently prevent them from deploying intense deep learning capabilities in their edge products."
"We have been following the AI compute global landscape closely and found Hailo's technology to stand out" said Eric Yang, founding partner at Glory Ventures. "We are impressed with the Hailo team and their ability to execute. We look forward to continuing our relationship with them as AI becomes a 'must-have' technology in every camera-enabled device."
Published by Globes, Israel business news - en.globes.co.il - on January 22, 2019
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