Israeli deep-learning startup Hailo raises $21 million

TEL AVIV (Reuters) - Israeli startup Hailo, which developed a microprocessor for deep learning, said on Tuesday it has expanded its early-stage funding round to $21 million.

Chinese venture capital firm Glory Ventures led the investment-round expansion and was joined by existing and other new investors.

The investment will enable the company to expand its target markets into China and Hong Kong, complementing its existing markets in Europe, North America, Japan and South Korea.

Beyond its strategic focus - the automotive market - Hailo’s processor technology can serve other markets including surveillance, smart home, Internet of Things and industrial, robotics, augmented reality and wearable devices.

Reporting by Tova Cohen; Editing by Steven Scheer