Tel Aviv-based artificial intelligence chip startup Hailo Technologies Ltd. has raised $12.5 million in a series A funding round, the company announced Tuesday.
For daily updates, subscribe to our newsletter by clicking here.
Investors include Jerusalem-headquartered equity crowdfunding platform OurCrowd, as well as two venture capital funds dedicated to automotive technologies—Maniv Mobility, and Next Gear Management Ltd. The latest round brings the company's total funding raised to $16 million.
Founded in 2017, Hailo develops chips capable of processing artificial intelligence applications on edge devices installed in autonomous vehicles, drones, internet of things (IoT) devices and smart home appliances.
Currently in stealth mode, Hailo intends to release its product during the first half of 2019. The technology is currently being tested by several automotive companies, Hailo said in a statement.
“The 70-year old architecture of existing processors is inadequate to meet today’s deep learning and AI processing needs,” Hailo CEO Orr Danon, said in a statement.