ABB, NEC, and Latitude Ventures join existing investors to empower a new age of robust Artificial Intelligence-driven edge computing
TEL AVIV, Israel, March 5, 2020 /PRNewswire/ -- Hailo, the leading AI chipmaker delivering unprecedented performance to edge devices, today announced it has raised $60 million in Series B funding. The round, led by existing investors, was joined by key strategic investors including ABB Technology Ventures (ATV) – the strategic VC arm of ABB, a global leader in industrial automation and robotics; NEC Corporation – a leader in the integration of IT and network technologies; and London-based VC firm Latitude Ventures. The funding will be used by Hailo to bolster the ongoing global rollout of its breakthrough Hailo-8 Deep Learning chip and to reach new markets and industries worldwide.
"We are very impressed with Hailo's product and team and believe their novel deep learning processor will help advance different Industry 4.0 applications," said Kurt Kaltenegger, Head of ABB Technology Ventures. "We look forward to combining Hailo's solution with our cutting-edge industrial technology as an important piece of the puzzle to drive the digital transformation of industries."
"Hailo's technology is a leading-edge solution for high-performance, low power, and cost-effective processing at the edge," said Hiroto Sugahara, General Manager of Corporate Technology Division, NEC Corporation. "Hailo's technology will help us dive even deeper into the intelligent video analytics market. We are excited to be a strategic investor in the company and look forward to incorporating Hailo's technology into our next generation edge-based products."
The Series B round brings Hailo's total funding to $88 million. It comes on the heels of the launch of Hailo-8, the company's industry-leading Deep Learning processor for edge devices. With a totally reimagined chip architecture that relies on the core properties of neural networks, Hailo's chip empowers devices to perform sophisticated 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.
"Hailo is poised to become a defining player in the rapidly emerging market for AI processors," said Julian Rowe, Partner at Latitude Ventures. "Their Deep Learning edge chip can be disruptive to so many sectors today, while the new, innovative use cases Hailo's chips can unlock are just starting to reveal themselves. We're thrilled to join the team for what lies ahead."
"Hailo's Deep Learning chip is a real gamechanger in industries such as automotive, industry 4.0, robotics, smart cities, and many more," said Hailo Chairman Zohar Zisapel. "A new age of AI chips means a new age of computing capabilities at the edge, and we are excited to lead this transformation."
"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," said Orr Danon, CEO and Co-Founder of Hailo. "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."
Hailo, an AI-focused, Israel-based chipmaker, has developed a specialized Deep Learning processor that delivers the performance of a data center-class computer to edge devices. With a totally reimagined chip architecture that relies on the core properties of neural networks, Hailo's chip empowers devices to perform sophisticated 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 company was founded in 2017 by members of the Israel Defense Forces' elite technology unit.
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