A Tel-Aviv based deep learning startup Hailo has raised $12.5 million in its series A round of funding. The company’s investors include The Drive accelerator fund: Next Drive, Maniv Mobility, ourcrowd.com; as well as angel investors Hailo chairman Zora Zisapel and Delek Motors CEO Gil Agmon. This round of funding brings the total tally of Hailo’s raised money to $16 million.
Hailo is using the funding to build deep learning chips. It will provide data center processing for edge devices. Hailo’s deep learning processor is expected to enter the market in 2019. The processors can run embedded AI applications on edge devices that are installed in various IT services like autonomous vehicles, drones, and smart home appliances such as personal assistants, smart cameras and smart TVs, alongside IoT, AR and VR platforms, wearables and security products. The Hailo processor will radically reduce size, power and cost, making it suitable for local processing of high-resolution sensory data in real time.
Commenting on the development, Zohar Zisapel, Chairman of Hailo said, “In the last few years, we are witnessing a revolution in the automotive industry with the quick entry of new players and technologies into the market. The product that Hailo is developing is expected to be a key component in this revolution in which artificial intelligence is one of the building blocks.” Hailo’s key target is the automotive industry, which is now undergoing some major disruptive changes.