Hailo AI chip: Israel-based chipmaker Hailo announced on Tuesday that it has secured $120 million in a new funding round, valuing the company at $1.2 billion. The funding was led by existing and new investors, including the Zisapel family, Comasco, and OurCrowd. This latest round brings Hailo's total investment to over $340 million since its establishment in 2017.

"We are hoping to use the new funds to accelerate our growth and execute faster on our roadmap. Based on this and given the right market conditions, our aim is to become a publicly traded company," said Hailo CEO and Co-Founder Orr Danon in a statement to Reuters, without providing specific details on the timeline.

Hailo is capitalising on the growing interest in AI startups, especially since the launch of OpenAI's ChatGPT, as investors see potential benefits from the increasing adoption of AI technology, which could challenge industry leaders and drive innovation.

The company, which boasts over 300 global customers, including Schneider Electric, Dell Technologies, and ABB, offers AI accelerators and an AI software suite.

Hailo also announced the launch of its Hailo-10 high-performance generative AI accelerator, which enables users to run GenAI applications locally without relying on cloud-based services. The chip will begin shipping samples in the second quarter of this year, targeting early applications in personal computers and automotive infotainment systems to enhance the processing capabilities of central processing units (CPUs).

(with Reuters inputs)