Hailo, a Tel Aviv, Israel-based company developing a proprietary chip for deep learning on edge devices, completed a $12.5m Series A funding round.
Backers included Ourcrowd.com, Maniv Mobility, the Drive accelerator fund: Next Gear; as well as angel investors Hailo Chairman Zohar Zisapel and Delek Motors CEO Gil Agmon.
The company, which has raised $16m in total funding, will use the funding to further develop its deep learning processor.
Led by Orr Danon, CEO, Avi Baum, CTO, and Hadar Zeitlin, Chief Business Development Officer, Hailo provides a deep learning processor which will be able to run embedded AI applications on edge devices that are installed in 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 company is currently collaborating with major players in the industry who are examining the use of its technology. Initial samples are expected to enter the market in H1 2019.