Israeli AI chipmaker Hailo raises $60 million, total funding $88 million

TEL AVIV (Reuters) - Israeli startup Hailo, which develops artificial intelligence chips, said on Thursday it raised $60 million in a funding round, bringing its total financing to date to $88 million.

The round, led by existing investors, was joined by strategic investors including ABB Technology Ventures – the strategic venture capital arm of engineering group ABB ABBN.S; NEC Corp 6701.T; and London-based VC Latitude Ventures.

Hailo said it will use the funding to bolster the ongoing global rollout of its deep learning chip and to reach new markets and industries.

Last year the company raised $21 million in an early-stage funding round led by Chinese venture capital firm Glory Ventures.

Founded in 2017, the company’s technology targets the automotive market, smart cameras, smartphones, drones and other sectors.

Reporting by Tova Cohen; Editing by Steven Scheer