Israel-based artificial intelligence processor developer Hailo secured $136m on Tuesday in a series C round featuring industrial automation technology producer ABB, excavator importer Comasco and automotive retailers Carasso Motors, Talcar and Automotive Equipment.
The round was co-led by investment firm Poalim Equity and entrepreneur Gil Agmon and included investment holding company Shlomo Group, Latitude Ventures, OurCrowd and Hailo chairman Zohar Zisapel, while ABB took part through its ABB Technology Ventures unit.
Hailo has developed a microprocessor for deep learning applications that enables smart devices to perform sophisticated deep learning tasks such as object detection and segmentation in real time with minimal power consumption, size, and cost.
The processor is designed to fit into a multitude of smart machines and devices for use in areas including the automotive, industry 4.0, smart city, smart homes and retail sectors.
Mooly Eden, former senior vice-president at chipmaker Intel, is joining Hailo’s board of directors and Eyal Waldman, co-founder and former CEO of networking techniology providr Mellanox Technologies, will join its advisory board.
The company plans to use the capital to accelerate the development of its next-generation product, Hailo-8 AI Processor for Edge Devices, and boost expansion in new and existing global markets.
The round took Hailo’s overall funding to $224m, $60m coming in a March 2020 series B round led by unnamed existing investors and backed by IT product manufacturer NEC Corporation, ABB Technology Ventures and Latitude Ventures.
Hailo had previously closed a $21m series A round in early 2019 featuring Glory Ventures, Maniv Mobility, Next Gear Ventures, OurCrowd and various angel investors. It had reportedly already raised $3.5m from investors including accelerator Drive.