Israeli startup Hailo announced the completion of $ 60 million in fundraising

Israeli startup Hailo, which develops artificial intelligence processors for end devices, announced the completion of $ 60 million in fundraising. Raising brings the total capital raised to $ 88 million.
Artificial Intelligence Processors (AI Chips) are the hot trend of the chip industry today. These are processors designed to perform heavy artificial intelligence tasks: image recognition, voice and text, translation, extracting insights from large amounts of data, autonomous driving, and more. Strong evidence of demand in the field is the $ 2 billion bana for Israeli-Israeli sales of Intel in December 2019. While Bana specialized in AI processors for Data Centers, Hailo focuses on end-device processors, from security cameras to autonomous cars.
The Hylo Company, established in February 2017 by Or Danon, Avi Baum and Hadar Zeitlin, has developed a solution in this area. The processor that it developed, called Hailo-8, is based on a new architecture specifically designed for data processing and artificial intelligence tasks. According to Hailo, it is characterized by high performance and low power consumption, and its processing rate reaches 26 terabytes per second (TOPS).
Hylo is currently targeting two major markets: one, smart cameras. For example, companies that manufacture sensors and security cameras, or road and city monitoring cameras. Second, the automotive market: Hylo wants to provide chips to companies that develop driver assistance and autonomous driving systems.
The fundraising round was led by two huge companies that are both strategic partners and clients. The first is ATV, the investment arm of the Swiss ABB corporation that deals with industrial equipment, automation and robotics. "We look forward to integrating Hailo's solution with our technology into industrial environments," ATV reports. Another investor is the Japanese NEC Corporation that deals with information systems and electronics. NEC reports that "Hailo's technology will help us penetrate deeper into the video analytics smart market."
Another investor who led the round is the Latitude Ventures venture capital fund from London. Existing investors who also participated in this round were Zohar Zisapel, who is also chairman of Hailo; OurCrowd investment platform; Chinese Glory Ventures fund; former Delek Motors CEO Gil Agmon; Maniv Mobility Automotive Investment Funds; As well as Next Gear, the foundation of Drive Automotive Technology Exhilarator.