OurCrowd backs AI Firm Hailo $12.5 Million Series A

Hailo, an artificial intelligence (AI) company developing a proprietary chip for deep learning on edge devices, has closed on a $12.5 million Series A round. Investors include leading global crowdfunding platform OurCrowd, Maniv Mobility, the Drive accelerator fund, Next Gear, plus angel investors, Hailo Chairman Zohar Zisapel and Delek Motors CEO Gil Agmon. Hailo has now raised $16 million to date with the new funding being used to further develop its deep learning processor.

Hailo’s processor, with samples expected to enter the market in H1 2019, will be able to run embedded AI applications on edge devices that are installed on a plethora of devices such as: 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 processor is said to radically reduce size, power and cost, making it suitable for local processing of high-resolution sensory data in real time.

The automotive industry, which is one of Hailo’s key target markets, is rapidly adopting deep learning methods to enable advanced driver assistance systems (ADAS) and autonomous driving applications. New Integrated Circuits used in automobiles are expected to generate global sales of $42.9 billion in 2021, compared to $22.9 billion in 2016 and Hailo is targeting this market.

“The 70-year old architecture of existing processors is inadequate to meet today’s deep learning and AI processing needs,” said Orr Danon, Hailo CEO. “Hailo is revolutionizing the underlying architecture of the processor to boost deep learning processing by several orders of magnitude. We have completely redesigned the pillars of computer architecture – memory, control and compute – and the relations between them.”

Zohar Zisapel, Hailo Chairman, added that in the last few years, they are witnessing a revolution in the automotive industry with the quick entry of new players and technologies into the market.

“The product that Hailo is developing is expected to be a key component in this revolution in which artificial intelligence is one of the building blocks.”

The company is said to be collaborating with major players in the industry who are examining the use of its technology.

Eli Nir, Senior Investment Partner at OurCrowd, commented;

“We are convinced that the extensive need in the market, Hailo’s breakthrough technology and unique team will allow Hailo to bring the deep learning revolution to edge devices.”