Israeli startup Hailo expands series A round to $21 million

During the summer of 2018, Evertiq reported that the startup had completed a USD 12.5 million Series A round. Back the company said that it would use the funding to further develop its deep learning processor, Now, a little more than half a year later the Hailo has expanded the Series A funding round to USD 21 million. Chinese venture capital firm, Glory Ventures, led the investment-round expansion and was joined by other new investors. This new investment will enable the company to expand its target markets into China and Hong Kong, complementing its markets in Europe, North America, Japan and Korea. At the same time the startup is also opening registration for the Hailo-8 Fast Track program to select customers and is offering these customers the opportunity to evaluate the initial samples of its deep learning processor. The company's key market is the automotive market. However, Hailo's processor technology serves deep learning applications in other markets as well; including surveillance, smart home, IoT and industrial, as well as robotics, AR/VR platforms and wearables. "The expansion of our Series A round and the addition of Glory Ventures to our investor roll boosts our ability to bring out innovative, powerful and resilient deep learning processors for edge devices, and helps us target the strategic markets of China and Hong Kong," says Orr Danon, Hailo CEO and co-founder, in a press release. "The upcoming samples of our Hailo-8 processor will help players in multiple markets overcome the daunting barriers of sufficiently low power consumption, size and cost which currently prevent them from deploying intense deep learning capabilities in their edge products." "We have been following the AI compute global landscape closely and found Hailo's technology to stand out," adds Eric Yang, founding partner at Glory Ventures. "We are impressed with the Hailo team and their ability to execute. We look forward to continuing our relationship with them as AI becomes a 'must-have' technology in every camera-enabled device."