Hailo raises $136m for edge AI chip as it heads for IPO
Israeli edge AI chip designer Hailo has raised $136m in its Series C funding round, the largest in the edge AI chip space to date
The round was led by Poalim Equity and Gil Agmon and joined by existing investors, including prominent Israeli entrepreneur and Hailo Chairman Zohar Zisapel, Swiss-based ABB Technology Ventures (ATV), London’s Latitude Ventures and Israel’s OurCrowd, New investors, including Carasso Motors, Comasco, Shlomo Group, Talcar Corporation Ltd., and Automotive Equipment (AEV) [Machshiri Tnua]. In addition, Mooly Eden, former Senior VP at Intel Corporation, will join Hailo’s board of directors, and Eyal Waldman, Co-Founder and former CEO of Mellanox Technologies, will join its advisory board.
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The round brings Hailo’s total funding to $224 million. The initial $110m funding in the round in June gave the company a valuation of $1.1bn, and at the time the company said it wasn’t planning any more funding rounds before it goes public on Nasdaq with a target valuation of $1.5bn to $2bn.
Hailo has doubled its customer base to more than 100 clients over the last two fiscal quarters of 2021 and opened offices in Munich, Tokyo, Taipei and Silicon Valley. It has also announced a partnership with Macnica, a global semiconductor distributor in Japan.
“We are honoured by this milestone round for an edge AI chip company and will use these significant resources to accelerate our aggressive plan to make advanced AI edge solutions more accessible to industries across the globe,” said Orr Danon, CEO and Co-Founder of Hailo. “This tremendous support is a testament to our unparalleled edge AI product line, and we look forward to empowering even smarter and swifter devices, and thus, a more robust future powered by AI.”
Hailo has been expanding its product line, recently launching both its M.2 and Mini PCIe high-performance AI acceleration modules for edge devices.
“In the coming years, AI will become the defining feature for creating new business value and reshaping user experience as we know it. The ability to bring AI-based features to market will increasingly be the deciding factor over whether companies succeed or fail,” said former Intel executive Mooly Eden. “Hailo’s innovative and hyper-efficient processor architecture addresses the growing demand for a new kind of chip to handle these new types of workloads, challenging traditional computing solutions.”
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