NeuroBlade raises over $27M to develop a new type of AI chip

In addition to the USD 4.5 million the company has raised, this new funding will be used by NeuroBlade to scale its workforce and ramp up its marketing efforts in order to bring the first generation of its AI chip to the market. Founded in 2017 by CEO Elad Sity and Eliad Hillel, CTO and VP Product Strategy, NeuroBlade raised its initial capital while in stealth mode from StageOne Ventures and Grove Ventures, headed by Dov Moran, the inventor of the USB flash drive and Co-founder of M-Systems. Additional initial capital was received by several private investors, including Rami Lipman. The AI processor market segment is currently led by Nvidia and Intel but is becoming more crowded as more startups develop processors for different market segments, as well as large corporations that are developing processors for their own needs. AI chips are used today in a wide range of applications, including image and speech recognition, video analysis, autonomous driving and many more. The deployment and use of AI is still limited by factors such as size, price, throughput or performance of these chips. NeuroBlade aims to solve this with their chip which is designed with different technology and architecture that allows it to solve a fundamental issue of running AI applications. It maintains a strong performance level despite being smaller and less expensive to make. According to NeuroBlade, the chip is meant to run several neural networks and multiple complex algorithms at the same time. Its main advantage, according to the company, is that it is able to also solve tomorrow’s problems, not just the relatively “simple” problems computers grapple with today. "We started out slightly over two years ago with an ambitious idea how to solve AI’s computational challenges. I would like to thank the investors and partners who share the excitement and faith in our product and the way to get there. This is also an opportunity to thank our employees for all their work and for walking the extra mile to make our vision materialize. Our core team has grown stronger over the past two years, creating a solid foundation for the upcoming growth," Elad Sity, CEO and Co-founder of NeuroBlade, says in a press release.