Tel Aviv-based Hailo, a maker of artificial intelligence (AI) processors, recently announced it has raised $120 million in a recent series C fundraising round.

Hailo develops microprocessors uniquely designed to accelerate embedded AI applications on devices such as routers. The company’s products are used in fields including Industry 4.0, smart cities, autonomous vehicles, smart homes and retail environments.

Hailo CEO and co-founder Orr Danon said the funding “strategically positions us to bring classic and generative AI (GenAI) to edge devices in ways that will significantly expand the reach and impact of this remarkable new technology.”

To date the company has raised more than $340 million, and in October 2021 was declared a unicorn, having surpassed a $1 billion valuation.

The new funding round was led by the Zisapel family, Gil Agmon, Delek Motors, Alfred Akirov, DCLBA, Vasuki Tech Fund, OurCrowd, Talcar, Comasco, Automotive Equipment (AEV), and Poalim Equity.  

The company said the funds will be used to perfect its latest product, the Hailo-10 GenAI accelerator. The Hailo-10 was designed to ensure continuous access to generative AI services regardless of network connectivity, eliminates network latency concerns, promotes privacy by keeping personal information anonymous and enhances sustainability by reducing reliance on the substantial processing power of cloud data centers.

According to benchmark tests, Hailo-10 is faster and more energy efficient than integrated neural processing unit (NPU) solutions and delivers at least 2X more performance at half the power of Intel’s Core Ultra NPU.

“We designed Hailo-10 to seamlessly integrate GenAI capabilities into users’ daily lives — such as personal computers, smart vehicles and commercial robots — freeing users from cloud network constraints,” Danon said.  

“This empowers them to utilize chatbots, copilots and other emerging content generation tools with unparalleled flexibility and immediacy, enhancing productivity and enriching lives.”